WTI remains on the defensive below $82.50 amid Israel-Hamas peace talks, Fed rate cut expectations

📆 4/30/2024 1:25 AM
📰 FXStreetNews

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WTI,Commodities

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.20 on Tuesday.

WTI prices tradeinnegative territory for the third consecutive day near 82.20 on Tuesday. The growing speculation of delay rate cuts and theFed’shawkish remarkweigh onthe black gold. A successful ceasefire negotiation might mitigate the geopolitical risk premium built into WTI prices. Western Texas Intermediate , the UScrude oilbenchmark, is trading around $82.20 on Tuesday.

50% rangeon Wednesday. Chair JeromePowell’spress conference will also be a closely watched event, as it might provide insights into theFed'sstance on interest rate adjustments. The'higher-for-longer'interest rates narrative might lift the US Dollar and exert some selling pressure on the USD-denominatedoil Later on Tuesday, the Chinese Caixin Manufacturing PMI, NBS PMI data, the Eurozone Inflation data, and GDP growth numbers will be due.

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WTI holds below $82.00 on easing Middle East tensions, hawkish FedWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.00 on Tuesday.
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