WTI holds below $82.00 on easing Middle East tensions, hawkish Fed

WTI loses momentum to nearly one-month lows of $82.00 on Tuesday. Easing tensions between Israel and Iran limits theWTI’sdownside. A large build in the US stockpilein recent weeksand a hawkish Fed weigh on the black gold. Western Texas Intermediate , the UScrude oilbenchmark, is trading around $82.00 on Tuesday. The black gold edges lower on the day as the concerns about a wider Middle East war fade.

It’sworth noting that a strong dollar makes oil more expensive for holders of other currencies. Chicago Fed Austan Goolsbee said last week that with the strength of the labour market and elevated inflation, he believes theFed'scurrent restrictive monetary policy is appropriate, per Reuters. On the other hand, hope for Chinese demand might offer some relief to WTI prices as China is theworld'sbiggest oil importer.

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