WTI retreats to $80.00 PB as the US Dollar advanced Oil WTI Energy
pivot is likely to happen as recession fears grow turned flows towards the US Dollar. At the time of typing, WTI is trading at around $80.30.Data from the US Energy Information Administration office showed that inventories fell by 3.7 million barrels. In comparison, gasoline and distillates dropped more than estimates by 4.1 million barrels and 3.6 million barrels, respectively.
Also weighing on WTI price are the recent readings of Global Manufacturing and Services PMIs, indicating that the economy might slump worldwide. showed that business activity is slowing down while the labor market is catching up with the Fed’s cumulative tightening. Therefore, traders estimate a pause in the US central bank tightening campaign, with over a 50% chance of keeping rates unchanged.
Job openings in the US fell to their lowest in almost two years, according to the JOLTs report. The market participants focus on Thursday’s Initial Jobless Claims data, followed by Friday’s Nonfarm Payrolls.WTI remains braced to the $80.00 per barrel figure on sideways trading. Price action during the last week remains almost flat. The Relative Strength Index persists in bullish territory and shifts flat. At the same time, the Rate of Change portrays that buying pressure is waning.
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