WTI gains momentum above $86.00 amid ongoing Middle East geopolitical tensions, weaker US Dollar

WTI prices gain momentum near $86.00 on Tuesday. The ongoing Middle East tensions, a key region for oil production, might boost WTI prices. The expectation that the Fed mightdelayinterest rate cuts this year drags black gold lower. Western Texas Intermediate , the US crude oil benchmark, is trading around $86.25 on Tuesday.

The International Energy Agency's prediction for 2024 oil demand has risen as traders shift from bearishness to optimism, bolstered by recent improved manufacturing surveys in China, the United States, and India. On the other hand, the US labor market report on Friday came in better than the market estimation, indicating the US economy ended the first quarter on solid ground. This report could prompt the Federal Reserve todelayinterest rate cuts this year, which might drag WTI prices lower.

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