WTI retreats on hawkish central banks

WTI has pared the first weekly gains in five as traders await more clues. Supply related fears from Russia, chatters over OPEC+ output cut favor buyers.

WTI crude oil prices is pressured towards $81.00 after retreating from the weekly highs around $82.50 the previous day. Crude oil is looking for decisive catalysts amid mixed performance that prevents celebration of the first positive week in five full weeks.

Among the key catalysts, recession woes and supply related fears gained major attention while the US dollar weakness may have been ignored as traders brace for the key catalysts while OPEC+, has started to discuss a potential output cut for the next meeting.

recession fears amplified as the majority of the central banks insist on aggressive stance despite the recently negative economics and supply related fears.