WTI falls below $67.00 on weaker demand concerns, USD rebound

• WTI trades with losses on Tuesday in the  European session.
• Coronavirus jitters, geopolitical concerns and demand worries weigh on WTI.
• Higher US dollar valuations exert pressure at the upper level.

Crude oil prices trade on a lower note, albeit with less aggressive momentum on Tuesday. The prices opened at a higher level but failed to sustain the momentum and moving to trade further lower 

At the time of writing, WTI is trading at $66.89, down 0.22% for the day.

The appreciative move in the US Dollar Index (DXY), which indicates the performance of the greenback against six major rivals, keeps the gain limited for the black gold for the time being. The US dollar was last seen trading at 92.75, up 0.10% for the day.

Crude oil prices are being pressurized on weaker demand outlook in China and rising coronavirus cases. The increase in US crude rig count and a firmer greenback also acted as a headwind for WTI.

Meanwhile, OPEC+ decided not to boost supply any soon, despite US pressure to add inventories to check an oil price rise. 

Additionally, the fallout of the Afghanistan government also added to the pessimistic investor’s sentiment, as the country lies between South and East Asia and the oil-rich Middle East.

As for now, the US dollar dynamics continue to influence WTI prices.

WTI additional levels