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Oil Price Outlook As Commodity Cools Off US Dollar Pressure
Oil prices have turned green after making a losing start to the week on Monday, under pressure from a strong US dollar. The benchmark WTI was trading at +0.70% at 13:30 GMT, having opened at $72.76. Barring major developments in the market fundamentals, the commodity looks on course to better yesterday’s gain of +0.69%. The events around the Middle East and the Red Sea have so far failed to catalyse a major price action by oil. The supply line interruptions in the Red Sea have not impacted oil prices as much as they have impacted delivery. This points to a potential supply glut capable of absorbing the shocks ... (full story)