Created
: 2024.04.25
2024.04.25 10:31
Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.45 on Thursday. The black gold edges lower as the fear over wider conflict in the Middle East fades. Additionally, the hawkish tone from the Federal Reserve (Fed) boosts the US dollar (USD) and caps the upside of black gold.
Perceived de-escalation between Iran and Israel, and the flow of oil from the Middle East, which has not been interrupted by conflict in the region, dragged the WTI prices lower in the last few sessions. However, any sign of rising tensions in the Middle East and stricter sanctions against Iran might cap the downside of the WTI price.
Furthermore, the growing speculation that the US Federal Reserve (Fed will delay the interest rate provides some support to the Greenback and acts as a headwind for the black gold price. It's worth noting that a strong dollar makes oil more expensive for holders of other currencies. Several US Fed officials noted that rate cuts aren't coming in the coming months as inflation remains stickier than expected.
On the other hand. The US commercial crude stockpiles for the week ending April 19 fell by 6.368 million barrels from the previous reading of 2.735 million barrels built. This reading registered the largest drawdown since mid-January, according to data from the Energy Information Administration.
Created
: 2024.04.25
Last updated
: 2024.04.25
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy