WTI stumbles below $74.10s on risk-aversion and a buoyant US Dollar Oil WTI Energy
Expectations that the Fed would tighten further than expected reignited.Western Texas Intermediate , the US crude oil benchmark, is losing more than 2.50% on Wednesday, as investors remain uneasy on upbeatthat could warrant further tightening by the Federal Reserve. Hence, WTI is trading at $73.97 per barrel, down by 2.86%.
Given the backdrop, speculations for a higher terminal rate for the Federal Funds Rate bolstered the US Dollar , as shown by theadvancing 0.23%, at 104.335. investors should be aware that WTI, denominated in US Dollars, would be more expensive for holders of other currencies, explaining WTI’s fall during the session.
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