US West Texas Intermediate (WTI) crude oil prices edged lower during the Asian session on Tuesday and reversed some of its strong gains from the previous day in the $82.45 area.
The commodity is currently trading at $82.00 per barrel although lower support appears limited due to concerns about tightening supply.
Ukrainian drone attacks on Russian oil refineries in previous weeks have led to higher crude oil exports. This prompted investors to take some profits after recent strong gains.
In addition, the continued buying of the US dollar is supported by bets that the Federal Reserve (Fed) will stick to the narrative of higher interest rates to lower inflation rates and is able to put pressure on the commodity.
In addition, growing concerns about a global economic slowdown that could affect fuel demand could affect crude oil prices.
Meanwhile, lower crude oil exports from Saudi Arabia and Iraq as well as Houthi attacks in the Red Sea remain the main topics in global crude oil price volatility.
The market situation is now more about waiting for strong selling before confirming that the commodity has taken the lead in the near term and predicting a position for bigger losses.
