WTI crude oil attracts buyers near the 73.30 area Oil WTI Commodities DollarIndex China
crude oil exchanges hands at $73.65, up to 0.04% on the day. Further tightening monetary policy from the Federal Reserve and the renewed trade war between the US-China might cap the upside of black gold despite the fresh output cuts by Saudi Arabia and Russia.
Meanwhile, “the Organization of Petroleum Exporting Countries will likely maintain an optimistic view on oil demand growth for next year when it publishes its firstlater this month, predicting a slowdown from this year but still an above-average increase” said Reuters. Nevertheless, concerns that higher interest rates globally may lead to a slowdown in economic growth and a decrease in oil demand could limit the upside in oil prices. According to the CME Group’s FedWatch Tool, market players remain certain the US Federal Reserve will increase rates by 25 basis points at the July 25-26 policy meeting. The odds for the same are 92.4%, higher than last week’s 86.8%.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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