WTI holds below $78.00 amid weaker US consumer demand and Chinese data

WTI price edges lower to $77.75on Monday. The weaker US Consumer Sentiment and Chinese economic output data weigh on the black gold. China’s Industrial Production came in weaker than expected in May, adding pressure on the world’s top largest oil consumers. West Texas Intermediate , the UScrude oilbenchmark,is tradingaround $77.75on Monday. The downtick of the blackgoldis backed by weaker US consumer demand and the downbeat Chinese Industrial Production data.

Last week, Fed Chair Jerome Powell said during the Fed policy press conference that the central bank does not yet have the confidence to cut rates and he needs more convincing evidence that inflation was moving to the 2% target. The higher-for-longer US interest rate narrative continues to exert some selling pressure on black gold as it increases the cost of borrowing, which can dampen economic activity and oil demand.

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Crude Oil rally stumbles after Fed leans away from rate cuts, WTI falls back below $78West Texas Intermediate (WTI) US Crude Oil rose through Wednesday’s early trading, hitting a fresh June high near $79.00 per barrel before slumping back below $78.00 after the Energy Information Administration (EIA) reported another buildup in US Crude Oil supplies coupled with another Federal Reserve (Fed) rate hold.
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