West Texas Intermediate (WTI) US Crude Oil prices attract some buyers on Tuesday following the previous day's US tariffs-led volatile price swings and currently trade just below mid-$61.00s, up over 1% for the day.
The US Dollar (USD) attracts fresh sellers and stalls a two-day-old recovery from a multi-month low amid bets that a tariffs-driven US economic slowdown might force the Federal Reserve (Fed) to resume its rate-cutting cycle soon. This, in turn, is seen benefiting USD-denominated commodities and lending some support to Crude Oil prices. Apart from this, the uptick could be attributed to a technical bounce, especially after the recent slump to the lowest since early 2021 touched on Monday.
Any meaningful recovery, however, still seems elusive amid growing concerns that US President Donald Trump's sweeping reciprocal tariffs would trigger an all-out global trade war and weaken fuel demand. Moreover, a surprise decision by eight OPEC+ members, to pull forward a planned production increase and return 411,000 bpd to the market in May sparked oversupply concerns. This might turn out to be another factor that should contribute to capping gains for Crude Oil prices.
Moving ahead, the market focus now shifts to the release of the FOMC meeting minutes on Wednesday.
This will be followed by the US Consumer Price Index (CPI) and the Producer Price Index (PPI) on Thursday and Friday, respectively. Apart from this, trade-related developments will play a key role in influencing the USD price dynamics and provide some impetus to Crude Oil prices.
Source: Fxstreet
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