Energy Preview: WTI crude oil comes off two-week high

WTI crude oil futures are losing ground on Tuesday morning in Asia amid oversupply concerns triggered by OPEC+ decision to hike their collective crude production by 548,000 barrels per day (bpd), as they continue to unwind a set of voluntary supply cuts. Oversized output hikes have raised concerns about oversupply, which could undermine the WTI price in the near term. Moreover, dollar index climbed back above 97 mark, adding weight on oil prices. Nonetheless, geopolitical risks in the Middle East might cap the downside for the WTI. Currently, the counter is quoting at $67.67per barrel, down 0.38% on the day, coming off a two-week high attained in the previous session.

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