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WTI hovers below $59.00 as US-Iran tensions ease, weekly loss looms
Key Takeaways (30s Read)
WTI oil hovers below $59.00 as easing US-Iran tensions could lead to weekly losses.
WTI oil prices are trading around $58.80 during the Asian hours on Friday, following losses of over 3% in the past two days. The recent easing of tensions between the US and Iran has reduced geopolitical risk premiums, affecting the short-term outlook for WTI. Market participants note that while $59.00 serves as a psychological resistance, selling pressure could continue. With the weekend nearing, traders will be watching for any signs of demand shifts that could impact prices, especially with bearish sentiment prevailing in the market.
AI Analyst
AI Opinion
"The WTI oil market is experiencing stagnation around the current price of $58.80, driven by the easing of US-Iran tensions. This backdrop has led to a reduction of previously high geopolitical risk premiums, which could stifle future price increases while also placing potential weekly losses on the table. The market currently lacks a clear direction past the psychological level of $59.00, suggesting possible increased volatility in trading. Traders need to remain vigilant about demand trends and other geopolitical factors impacting prices."
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