WTI looks to snap seven-day losing streak, trades around $58.30 ahead of API
The de-escalation of the US-Iran conflict last week and heightened hopes of a ceasefire in Libya weighed on crude oil prices and forced the barrel of West Texas Intermediate to close the last seven trading days in the negative territory and erasing nearly 8% during that time period.
WTI Oil Outlook: bears are pausing above 200DMA, awaiting US crude inventories reports
WTI oil price edged higher on Tuesday after steep fall in past six days found footstep at 200DMA ($57.75). Oil price came under pressure on signs of de-escalation of US/Iran conflict as unexpected rise of US crude stocks last week that also raised concerns about global oversupply.
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