WTI trims gains amid market caution after Iran’s attack on Israel, remains above $85.00

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Oil News

WTI,Commodities,Macroeconomics

West Texas Intermediate (WTI) Oil price edges higher to near $85.30 per barrel during the Asian trading hours on Tuesday.

WTI price received upward support as investors expect Israel to respond to Iran’s assault. Israeli Prime Minister Benjamin Netanyahu has called upon his war cabinet to formulate a response to Iran's direct attack on Israel. The crude Oil prices hold ground in the face of mixed Chinese data. West Texas Intermediate Oil price edges higher to near $85.30 per barrel during the Asian trading hours on Tuesday.

China's Gross Domestic Product for the first quarter of 2024 expanded by 1.6% quarter-on-quarter, surpassing the previous quarter's growth of 1.0%. Year-on-year GDP growth came at 5.3%, exceeding expectations of 5.0% and surpassing the 5.2% figure from the previous period. However, China's Industrial Production in March increased by 4.5%, falling short of market expectations of 5.4% and the previous reading of 7.0%.

 

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