WTI hovers above 69.00, downside looks likely as global recession worries deepen – by Sagar_Dua24 Oil WTI Fed OPEC Recession
The economic outlook for the United States economy is still in bad shape as interest rates by the Federal Reserve are above 5%. And, now rising expectations of one more interest rate hike in June’s monetary policy meeting, considering resilient consumer spending and decent labor market conditions, are bolstering fears of a recession.
Later this week, OPEC’s meeting will be keenly focused as production cuts would be discussed to support energy prices. Tensions between Russia andhave remained higher as the former is consistently pumping cheaper oil into the global economy, undermining efforts made by the latter to bolster energy prices.
The impact of cutting overall production further by OPEC+ members excluding Russia could be nullified as Russia is not committed to keeping the pledge anymore. On late Wednesday, investors will keep an eye on the release of oil inventories for the week ending May 26 by the US American Petroleum Institute .
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crude Oil Forecast: Markets Show ResilienceThe West Texas Intermediate (WTI) crude oil and Brent markets have displayed signs of resilience, recovering slightly after a recent sell-off.
Read more »
Crude Oil Forecast: Continues to Look for DirectionThe West Texas Intermediate (WTI) Crude Oil market exhibited a slightly negative tone during Monday\u0027s trading session.
Read more »
Texas is 'Wild West' for developers like Musk's Boring Company: ResidentA farmer who lives near Elon Musk's Texas campus says the state's lack of regulations means it's like the 'Wild West' for developers
Read more »
WTI retracts from daily high amidst Fed hike concerns, OPEC+ meeting loomsWestern Texas Intermediate (WTI), the US crude oil benchmark, retreats after hitting a daily high of $73.51, tumbles below the $73.00 figure late in t
Read more »
WTI plunges over 4% as debt-ceiling concerns and mixed messages from producers weighWestern Texas Intermediate (WTI), the US crude oil benchmark plummets for the second straight day by more than 4%, spurred by woes about whether the U
Read more »
WTI Price Analysis: Bulls and bears in a tight spot, breakout imminentWest Texas Intermediate crude has been edging down in light holiday trade with a focus now on the OPEC+ ministers meeting. Technically, the price is c
Read more »