WTI retreats from a four-month high to near $81.70, US/Chinese inflation data eyed – by lilyfinancial Oil WTI Commodities
WTI prices edge lower due to the hawkish comments from Federal Reserve policymakers.Oil traders await Chinese, US inflation data for fresh impetus.
Western Texas Intermediate , the US crude oil benchmark, is trading around the $81.70 mark so far on Tuesday. WTI loses traction after six straight weekly gains. The Federal Reserve policymakers' hawkish remarks are supporting the decline in WTI prices. That said, Atlanta Federal Reserve Governor Michelle Bowman indicated on Monday that additional rate hikes will likely be required to return inflation to target levels, per Reuters. Additionally, the President of the New York, John C. Williams, anticipated that interest rates would continue to decline in the coming year. The possibility of rate hikes for the entire year drags WTI prices lower.
In China, the country’s top economic committees announced on Friday that the government will implement additional measures to boost consumer expenditure and enhance local liquidity. However, officials once again provided no significant details on the planned stimulus. The government's lack of specific plans has dampened investor expectations. The concern about the economic slowdown in China, the world’s second-largest economy, might exert pressure on WTI prices.
Moving on, oil traders monitor the developments regarding the additional stimulus plan in China. Also, the EIA
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