West Texas Intermediate (WTI) US Crude Oil prices struggle to capitalize on Friday's move higher and attract fresh sellers at the start of a new week. The commodity, however, recovers slightly from the Asian session low and currently trades around the $61.70-$61.65 region, still down nearly 0.40% for the day.
The uncertainty over the outcome of Iran-US nuclear talks and rising tensions between Estonia and Russia, following the latter's detention of a Greek-owned oil tanker on Sunday, turned out to be key factors acting as a tailwind for the black liquid. In fact, US special envoy Steve Witkoff said on Sunday that any deal with Iran must include an agreement not to enrich Uranium.
Apart from this, the emergence of some US Dollar (USD) selling lends additional support to Crude Oil prices and helps limit the downside. Against the backdrop of the growing market acceptance that the Federal Reserve (Fed) will cut interest rates further this year, a surprise downgrade of the US government's credit rating prompts fresh selling around the USD on Monday.
The upside for Crude Oil prices, however, seems limited in the wake of mixed Chinese macro data, which offsets the optimism led by the US-China trade truce for 90 days. Hence, it will be prudent to wait for strong follow-through buying before traders start positioning for an extension of the recent goodish recovery from the $55.00 neighborhood, or the monthly swing low.
Source: Fxstreet
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