WTI consolidates gains near $82.00 amid hope for strong summer driving demand

WTI hovers around $82.00amid the softer US dollar on Tuesday. The renewed hopes of a summertime upswing in fuel demand and geopolitical risks support the WTI price. The expectation that the Fed will delay the rate-cutting cycle might drag the black gold lower. West Texas Intermediate , the US crude oil benchmark, is trading around $82.00 on Tuesday.

Meanwhile, Ukraine President Volodymyr Zelenskyy stated Monday that Kyiv attacked around 30 Russian oil refineries, terminals, and bases, but did not provide a time range for the strikes. On the other hand, the stronger US Dollar and the hawkish stance of Federal Reserve officials might weigh on the black gold.

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