WTI Crude Dips to $80.50 as Traders Lock in Profits
US crude benchmark WTI fell near $80.50, pressured by profit-taking and improved tanker traffic through the Strait of Hormuz.
West Texas Intermediate crude traded around $80.50 early Friday during European hours. The decline came as market participants booked profits following recent gains.
Despite ongoing conflicts in the Middle East, increased traffic through the Strait of Hormuz helped ease some supply concerns, adding downward pressure on the price.
WTI’s retreat marks a pause after a period of elevated tensions that had previously supported oil prices.
Source: FXStreet Forex News