Western Texas Intermediate (WTI) oil price hovers around $90.00 per barrel during the Asian session on Monday. The Crude oil price struggles to recove
Crude oil prices receive downward pressure due to the Fed’s hawkish stance on interest rates trajectory.Higher US Treasury yields contribute support to underpin the US Dollar.price struggles to recover from recent losses due to market caution on the US Federal Reserve’s interest rates trajectory.
This increase in fossil fuel production is driven by the effort to meet the demand gap left by the extended production cuts of 1.3 million barrels per day by Saudi Arabia and Russia through the end of the year. Despite the drawdown in reserves, the surge in production is indicative of the complex dynamics influencing global oil markets.
Over the weekend, Chinese Manufacturing PMI data showed improvement into positive territory, which could provide support for the prices of black gold as China is the largest oil importer in the world. Crude oil faces challenges, primarily due to the upbeat US Dollar following the release of moderate economic data on Friday. The US Michigan Consumer Sentiment Index for September improved to 68.1 from the previous figure of 67.7, beating expectations for no change.
Traders in the Crude oil market will likely pay close attention to the upcoming US ISM Manufacturing PMI for September ahead of a speech by Fed Chairon Monday. These events can potentially influence market dynamics and impact the performance of both the US Dollar and Crude oil.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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