West Texas Intermediate (WTI) crude oil prices are currently trading around $58.80, slightly above the $59.00 mark as the market reacts to a significant drop of over 3% over the past two days. The easing of geopolitical tensions, particularly regarding the potential for a US military strike on Iran, has reduced the risk premium that supported oil prices recently.
As a result, WTI faces ongoing challenges in maintaining upward momentum. The decline in concerns over US-Iran relations is impacting market sentiment, potentially leading to a weekly loss for oil prices. Traders are closely monitoring exchange rates, especially between the USD and other currencies, as fluctuations could further influence oil demand and pricing in the coming days.
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Data Source: FX Killer Analysis Team Updated: 2026-01-16 08:29
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.