WTI prices advance for the first time this week following a sharp rejection from post-OPEC 2023 peaks north of the $83.00 mark (April 12). Furthermore, crude oil remains en route to close the first week with loses after four consecutive gains.
Alternating trends in the dollar seems to have lent some support to the commodity as well and despite traders remain concerned over a potential economic slowdown and its negative impact on the demand for crude oil.
The above appears equally propped up by unabated expectations of extra tightening by the Federal Reserve at the May gathering, while the positive GDP outlook in China is seen limiting the potential downside of the commodity.
Later in the session, driller Baker Hughes will publish its weekly report on US oil rig count in the week to April 21.
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