WTI Crude Falls Back From War Spike as Ceasefire Hopes Fade
West Texas Intermediate crude oil traded at $70.98 on Friday, down 1%, after an early spike to $72.83 was reversed by selling pressure in New York, with the barrel hitting a session low near $70.70. The move comes as ceasefire hopes continue to be dashed.
West Texas Intermediate (WTI) crude oil slipped to $70.98 on Friday, losing 1% on the day after an early-morning rally to $72.83 faltered. New York selling pushed the barrel to a session low around $70.70 before a partial recovery.
The intraday reversal follows a pattern of war-driven spikes quickly fading as ceasefire prospects repeatedly collapse. Despite the geopolitical noise, crude remains under pressure from demand concerns and ample supply.
Price action remains choppy, with the $70 level serving as near-term support.
Source: FXStreet Forex News