Western Texas Intermediate (WTI) trades lower near $83.90 per barrel during the European session on Monday. Investors are approaching the upcoming US
Crude oil retraces the recent gains as investors adopt caution ahead of Fed decision. Investors await Chinese PMI data; seeking cues on world's leading crude importer’s economic scenario. Upward 10-year US Treasury yield could provide support in underpinning the US Dollar. Federal Reserve policy meeting and China's manufacturing data with caution, leading to a decline in crude oil prices.
The US Dollar encountersresistance as market expectations lean towards the likelihood of the US Federal Reserve maintaining interest rates at 5.5% in the upcoming Wednesday meeting. However, the US Dollar Index shows positive movement post lukewarm intraday performance during the Asian session, hovering around 106.70 as of now. The 10-year US Bondexperiencesa rebound, reaching 4.85% at the moment, providing support to the Greenback.
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