WTI declines towards $75.50 as hopes of recovery fade amid hawkish Fed bets – by Sagar_Dua24 Oil WTI Fed Recession DollarIndex
Oil price is declining towards $75.50 as the expectations for more rate hikes by the Fed are escalating.
The release of the upbeat preliminary S&P US PMI data was loud and clear that economic activities are routing to the expansionary road led by solid consumer spending. A sheer recovery in retail demand could renew the fears of a rebound in inflationary pressures. Also, Fed chairhas already cleared that inflation is persistent and the consideration of a pause in policy tightening would be premature.
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