WTI Price Analysis: WTI rallies following soft CPI figures from the US Oil WTI Commodities Energy Inflation
s reported by the US. In that sense, the black gold jumped to a daily high of $76.11 en route to test the 200-day Simple Moving Average at $77.23.declined to 3% YoY vs the 3.1% expected from its last figure of 4%, while the Core inflation to 4.8% YoY vs the 5% expected from 5.3%.
As a reaction, US Treasury yields decreased across the board. The 2-year yield declined to 4.72%, the 5-year yield to 4.09 and the 10-year yield to 3.90%, respectively. Elsewhere, the US main stock indexes are displaying yearly highs. The S&P 500 jumped to its highest level since April 2022, while the Nasdaq Composite to a high since January 2022. The Dow Jones Industrial Average stands near highs since December 2022. In that sense, a positive market environment signalled by rising riskier assets allowed the black gold to advance.
However, investors shouldn’t bet on a dovish Federal Reserve. According to the CME FedWatch tool, a 25 basis points hike continues to be priced in for the next meeting in July, and another hike this year shouldn’t be taken off the table. Both Jerome Powell and several Fed officials signalled their compromise with price stability and confirmed that they considered appropriate “multiple” hikes for the rest of 2023.
Attention for the rest of the session turns to the release of the Fed’s Beige Book, which would give markets a better
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