WTI crude oil futures are edging higher on Friday morning in Asia but have managed to post an over 6% gain for the month of July. Dollar strength overseas and growing demand concerns amid tariff are keeping the counter under pressure. US President Donald Trump imposed higher tariff rates on US trading partners set to go into effect on August 1.Moreover, US PCE report suggests that price pressures would increase in the second half of the year and delay the US Fed from cutting interest rates that would also impact oil as the higher borrowing costs can limit economic growth in the United States, the world's largest Oil consumer. Investors now shift their focus toward the US nonfarm payrolls, due later in the day.

Powered by Commodity Insights