West Texas Intermediate (WTI) US crude Oil prices trade with a mild negative bias during the Asian session on Thursday, albeit lack bearish conviction and remain well within the striking distance of a nearly two-week high touched the previous day.
WTI is undermined by a surprise build in US inventories and lower demand growth forecast by IEA. The Fed ’s hawkish surprise lifts the USD and weighs on the dollar-denominated commodity. The lack of strong follow-through selling warrants caution before positioning for deeper losses.
The shift in projection provides a modest lift to the US Treasury bond yields and assists the USD to build on the overnight bounce from the weekly low touched in the aftermath of softer US consumer inflation figures. That said, persistent geopolitical tensions in the Middle East might continue to lend some support to Crude Oil prices and limit losses.
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