Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $84.85, the highest since October 2023 on Wednesday.
WTI edges higher to $84.85, a five-month high on Wednesday. Geopolitical uncertainties in the Middle East and supply fears boosted oil prices. The weaker US Dollar from the Fed’s dovish comments lift WTI prices. Western Texas Intermediate , the US crude oil benchmark, is trading around $84.85, the highest since October 2023 on Wednesday. The uptick in WTI prices is bolstered by the weaker US Dollar , and the supply fears amid the geopolitical uncertainties.
Futures traders anticipate the US Fed to start easing in the June meeting and to cut by three-quarters of a percentage point by the end of the year. A weaker USD lifts WTI prices as it makes dollar-denominated oil more cheaper for holders of other currencies, boosting oil demand. Market players will closely watch Fedspeak on Wednesday. The Fed's Bowman, Goolsbee, Barr, Kugler, and Powell are set to speak later in the day.
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