• WTI trades in negative territory for the fourth consecutive day $78.00 on Tuesday.
• Oil demand concerns continue to weigh on the WTI price.
• Morgan Stanley expects oil prices to drop to the mid-$70s in 2025 amid a surplus. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $79.00 on Tuesday. WTI price edges lower to near lowest level in over a month amid oil demand concerns and rising stockpiles. 

The US Federal Reserve (Fed) will hold a policy meeting on July 30-31, with no change in rate expected. However, market players see signs of a possible cut in September. The release of key US economic data this week could offer some hints about the interest rate path in the US. The US Gross Domestic Product (GDP) for the second quarter and the Personal Consumption Expenditures Price Index (PCE) data for June, will be released on Thursday and Friday, respectively.  "If we get an indication of a rate cut, the Fed could be positive for risk-sensitive assets like oil," said UBS analyst Giovanni Staunovo.