West Texas Intermediate (WTI) crude oil is encountering renewed selling pressure, trading near the $60.70-$60.65 range, reflecting a daily decline exceeding 0.50%. Concerns regarding the potential impact of the ongoing US-China trade dispute on global economic growth and, consequently, fuel demand are weighing on prices. Furthermore, an unanticipated production increase by select OPEC+ members is contributing to supply-side pressures. However, the decline is mitigated by a weakening US Dollar (USD), driven by increased market expectations of Federal Reserve (Fed) interest rate cuts. This dovish outlook for US monetary policy is providing support to USD-denominated commodities.
