Bearish Sentiment Keeps Traders From Going Long On Crude

The June WTI crude oil futures contract witnessed fluctuations throughout the week, responding to various factors. Despite solid U.S. economic data that fueled a stronger dollar and raised expectations of an interest rate hike by the U.S. Federal Reserve in June, prices managed to climb approximately 2.68% for the week. This increase is significant considering that a stronger dollar can potentially dampen oil demand by increasing the cost of fuel for holders of other currencies. Supply Dynamics One of the significant factors impacting the market…