WTI consolidates its recent losses to a two-week low amid mixed cues.
Easing supply disruption worries and a stronger USD act as a headwind.
Traders seem reluctant ahead of OPEC meeting on Thursday and US data.
West Texas Intermediate (WTI) US Crude Oil prices struggle to gain any meaningful traction on Tuesday and oscillate in a range below the $68.00/barrel mark during the Asian session.
A ceasefire deal between Israel and the Lebanon-based Hezbollah militant group eased concerns about supply disruptions from the Middle East. This, in turn, is seen as a key factor that keeps the black liquid depressed near a two-week low touched on Monday. Furthermore, the recent US Dollar (USD) strength is seen undermining demand for USD-denominated commodities, including Crude Oil prices.
That said, the worsening Russia-Ukraine conflict keeps geopolitical risks premium in play and acts as a tailwind for the black liquid. Apart from this, expectations that the Organization of Petroleum Exporting Countries and allies (OPEC ) would further delay plans to increase production amid persistent concerns over slowing demand growth contribute to limiting the downside for Crude Oil prices.
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