Western Texas Intermediate (WTI) oil price retraces the recent gains, trading around $87.70 per barrel during the European trading session on Wednesda
The prices of Crude oil are under downward pressure as Saudi Arabia announced to maintain its existing output cuts through the end of the year 2023. This is attributed to the concerns over the fears that elevated interest rates could lead to a reduction in fuel demand.
Simultaneously, discussions regarding the resumption of Iraqi oil exports through a pipeline in Turkey are still ongoing, as reported by an Iraqi oil official. This comes after Turkey's announcement of resuming operations this week, ending a nearly six-month hiatus. The cautious sentiment due to the US Federal Reserve’s interest rates trajectory is reinforcing the Greenback. The strengthening dollar tends to put downward pressure on WTI prices, as it makes retreats from the 11-month high marked on Tuesday. The spot price beats lower around 106.90 by the press time. However, the US Dollar strengthened on robust US employment data and higher US Treasury yields.US JOLTS Job Openings exceeded expectations, contributing to an increase in US Treasury yields.
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