WTI holds above $80.00 amid geopolitical risks, demand optimism

WTI price edges higher to $80.50on Monday. The escalating Middle East geopolitical tensions and hope for a summertime uptick in fuel demand support the WTI price. The renewed US Dollar demand might cap the upside for black gold. West Texas Intermediate , the UScrude oilbenchmark,is tradingaround $80.50on Monday. The blackgoldedges modestly higher on the back of ongoing geopolitical tensions in the Middle East and the expectation of a summer uptick in oil demand.

4 million bpd in June, supported by robust summer travel across Europe and Asia. On the other hand, the stronger US Dollar after the US S&P PMI data for June and the hawkish stance of Federal Reserve officials is likely to support the black gold. The Fed policymakers noted that the US central bank needs to see more progress on inflation before considering a rate cut.

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