WTI crude oil floats above $80.00 as US Dollar rebound jostles with supply crunch fears – by anilpanchal7 Oil WTI OPEC Recession Commodities
Fears emanating from OPEC+ supply cuts, geopolitical fears underpin Oil price strength.Risk catalysts, US inflation and Fed Minutes eyed for clear directions.crude oil buyers struggle to keep the reins around $80.70 during early Monday as risk-aversion joins hawkish Fed bets to underpin the US Dollar rebound. However, challenges to Oil supplies, mainly emanating from China and OPEC+, seem to keep the black gold buyers hopeful.
That said, the recently downbeat US data renew fears of a recession in the world’s largest economy and challenge the energy optimists. However, the upbeat prints of the US Nonfarm Payrolls allowed the Fed hawks to return to the table and new calls for the 0.25% rate hike in May. The same puts a floor under the US Dollar prices and prods WTI crude oil buyers.
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