WTI US crude oil slips below $90, taking a breather after hawkish Fed

WTI testing into $89.00 as markets take a step back after the Fed gave their latest rate call.US Oil easing back after supply constraint worries sent crude roaring.Intermediary has rallied recently, closing in the green for ten of the past twelve consecutive trading weeks and notching in over a 30% gain on the period.

Global crude oil supplies are facing down a continuous drawdown in reserve supplies after Saudi Arabia and Russia both announced that they would be extending their ongoing crude production cuts through the end of the year.Market analysts expect global crude supply chains to be facing a 2 million bpd deficit for the time being, until other crude production and shale pumping projects can get started in the US.

The Federal Reserve held their benchmark interest rate at 5.5%, in-line with broader market estimates. However, the US central bank has updated their rate expectancy schedule looking forward, driving asset prices down and sending the US Dollar broadly higher.now sees the interest rate for the year ending 2024 at 5.1%, half a percentage point higher than the previous 4.6%.WTI US crude oil is down %2 on the day's high, trading into $89.00 per barrel.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WTI holds below $90.00, retracing from 10-month highs amid profit-takingWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around $89.45 so far on Wednesday. WTI prices lose momentum after hitting the
Source: FXStreetNews - 🏆 14. / 72 Read more »

Fed meeting: Dollar climbs, stocks retreat as Fed delivers 'hawkish pause'Follow along to MarketWatch's full coverage of the Federal Reserve interest-rate decision, dot plot, and Jerome Powell press conference.
Source: MarketWatch - 🏆 3. / 97 Read more »

WTI extends its upside below $91.00 amid a tight supply outlookWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $90.90 mark so far on Tuesday. WTI prices gain momentum due to a t
Source: FXStreetNews - 🏆 14. / 72 Read more »

WTI extends gains above $91.00 due to OPEC+ supply cutsWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading higher around $91.20 during the European session on Tuesday. WTI prices are c
Source: FXStreetNews - 🏆 14. / 72 Read more »

WTI peeks over $92 as EIA warns of US production slowdownWest Texas Intermediary (WTI) crude oil barrels briefly peeked over the $93.00/bbl level in Tuesday trading. Oil is trading steadily higher as supply
Source: FXStreetNews - 🏆 14. / 72 Read more »