WTI Bounces Back Near $68.00, but Stronger US Dollar Could Limit Gains

West Texas Intermediate (WTI) crude oil prices have rebounded to approximately $68.00 per barrel, recovering from recent declines. This uptick is attributed to expectations of tighter near-term supply and a modest increase in demand. However, the strengthening U.S. dollar poses a potential cap on further gains, as a stronger dollar makes oil more expensive for holders of other currencies, potentially dampening global demand. Market participants are closely monitoring upcoming U.S. inflation data and Federal Reserve communications for indications on future monetary policy, which could influence both the dollar’s trajectory and oil prices.