Snapshot: WTI crude is trading at $105.37, down 2.75% on the session, driven by concerns surrounding weaker US GDP growth as markets brace for the 08:30 ET data dump. The Fed’s recent FOMC statement offered little in the way of fresh catalysts.
- Watch for follow-through selling if Advance GDP q/q prints below the 2.2% forecast at 08:30 ET, potentially targeting $103.54.
- Escalating Iran tensions could trigger a snapback rally, although the “wait-and-see” approach by US oil producers (per FT wires) tempers immediate supply-side responses.
Bias into NY: Bearish while growth concerns persist; look for a test of $103.50 if GDP disappoints, although a weaker DXY (currently at 98.33) might provide some offset if risk sentiment deteriorates on US data.