West Texas Intermediate (WTI) US Crude Oil failed to extend an ongoing recovery on the back of renewed hopes of a global supply drawdown.
WTI held onto recovery territory near $78.00 on Tuesday as markets draw tight. API reports a steeper-than-expected drawdown in weekly crude stocks. EIA follow-up reporting to get drowned out by Fed rate call. West Texas Intermediate US Crude Oil failed to extend an ongoing recovery on the back of renewed hopes of a global supply drawdown.
The Fed will be updating its Interest Rate Expectations, and investors will be huddled around the economic calendar looking for adjustments to the Fed’s “dot plot”. US CPI inflation is expected earlier Wednesday, and median market forecasts are hoping for MoM CPI inflation to cool to just 0.1% compared to the previous month’s 0.3%. WTI technical outlook WTI has recovered nearly 7.5% from recent lows near $72.50 per barrel, but intraday bullish momentum has hit a key technical barrier at $78.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crude oil settles higher on stronger demand outlook; Fed meeting gets underwayCrude oil settles higher on stronger demand outlook; Fed meeting gets underway
Read more »
Crude Oil recovers on Monday, but stuck in familiar territory as WTI grapples with $79West Texas Intermediate (WTI) US Crude Oil recovered ground on Monday as energy traders stepped back into barrel bets on continued geopolitical tensions in the Middle East, but steadily-rising US Crude Oil supplies are crimping upside potential in Crude Oil markets.
Read more »
Crude Oil finds late bump but still sheds weight on Tuesday as WTI grapples with $78West Texas Intermediate (WTI) US Crude Oil fell to $77.30 on Tuesday as market sentiment regarding Federal Reserve (Fed) interest rate cut expectations begins to crumble, but a late-day Crude Oil supply update from the American Petroleum Institute (API) helped to bolster barrel bids.
Read more »
US Crude Oil Hands Back Early Gains As Demand Doubts Resume ControlOil prices have plenty of support, both fundamental and technical, but, still, few obvious reasons to rise
Read more »
Crude Oil whips on Wednesday, surge in risk appetite sparks recovery in barrel bidsWest Texas Intermediate (WTI) US Crude Oil sank to an eight-week low on Wednesday, tumbling below $76.40 before recovering into $78.40.
Read more »
Crude Oil extends recovery on renewed supply hopes, WTI breaches $77.50West Texas Intermediate (WTI) US Crude Oil continued a determined recovery to kick off the trading week, with WTI bids crossing $77.50 per barrel and setting a fresh June high as energy traders pile back into fresh bullish bets of a flood of demand sopping up oversupplied Crude Oil markets.
Read more »