WTI hovers around $67.60s after nosediving to fresh lows

At the start of Tuesday’s Asian session, Western Texas Intermediate registers only slight losses. The current increase in WTI was a result of the weaker US Dollar and positive risk appetite.

The outcome of monetary policy decisions by two significant central banks might drive down oil prices. The US benchmark crude oil rose 2.31% on Monday thanks to a weaker US dollar and an uptick in investor’s mood. Tuesday’s Asian session opens with WTI trading at $67.68 per barrel.

Oil prices advanced on an offered US Dollar. Wall Street’s finished the session with gains spurred by risk appetite. Oil price was underpinned by an offered US Dollar, as shown by the US Dollar Index, down 0.54%, at 103.305.

The market‘s mood would continue to be shaky before the Bank of England (BoE) interest rate decision and the Fed’s monetary policy meeting. Any hawkish stance taken by central banks might ruin the mood of traders.

G7 said that it does not anticipate that Russia’s oil barrel level at $60.00 will change this week. The price cap put in place in December was supposed to be reviewed by the G7. However, the officials noted that the European Commission had over the weekend told EU ambassadors that the G7 presently has no interest in conducting a fast evaluation. Midway through March was the planned time for this.

On April 3, a meeting of OPEC’s ministerial committee, Russia, and other producer allies will take place. According to the agreement reached in October, the firm had resolved to lower its goals for daily oil output by 2 million barrels through the end of 2023.