West Texas Intermediate (WTI) crude oil remained near $73.50, struggling to gain traction as weak demand expectations kept prices subdued. Despite some support from supply-side constraints, market sentiment remained cautious amid concerns over global economic growth and slowing fuel consumption.
Investors continue to assess the impact of sluggish demand, particularly from China, where economic indicators have pointed to softer industrial activity. Meanwhile, the U.S. dollar’s resilience has made oil more expensive for international buyers, adding another layer of pressure on WTI prices.
While OPEC+ production cuts have helped prevent a sharper decline, traders remain wary of oversupply risks if economic conditions worsen. The market is also factoring in expectations that major central banks will keep interest rates elevated, potentially dampening future energy demand.
Looking ahead, traders are watching upcoming U.S. inventory data for signs of shifting consumption trends. Any indication of weaker stockpile draws could reinforce concerns that demand remains underwhelming, keeping oil prices range-bound in the near term.
For now, WTI crude remains stuck in a tight range, with demand concerns limiting gains despite efforts to stabilize supply. Until clear signals of improving consumption emerge, the outlook for oil remains cautiously neutral with risks skewed to the downside.
