WTI prices edge lower near $79.90 on Wednesday, down 0.20% on the day. The stronger USD and Fed’s hawkish stance weigh on the black gold.
is widely anticipated to maintain this level of output reduction until the end of the year. Western Texas Intermediate , the UScrude oilbenchmark,is tradingaround $79.90on Wednesday. The blackgoldturns red amid renewed US Dollar demand and the hawkish remarks from the US Federal Reserve . Several Fed officials delivered hawkish remarks in recent weeks after data showed that US inflation is stickier than expected.
will maintain crude supply curbs at 2.2 million barrels per day, which might limit the downside for WTI prices.“ countries are unlikely to raise production given that the current price of Brent is closer to $80 per barrel than $90 per barrel,” said Deutsche Bank analyst Michael Hsueh. Early Wednesday, the International Monetary Fund upgraded China's 2025 economic growth target to 4.5% from 4.1%. The positive development surrounding China’s economic outlook might lift WTI prices since China accounts for 80% of non-OECD oil consumption, making it the world's biggest oil importer.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »