WTI prints three-day losing streak around $78.50 as firmer US Dollar joins Oil supply concerns – by anilpanchal7 Oil WTI OPEC Fed Commodities
bears the burden of the broad US Dollar recovery and downbeat sentiment amid expectations of more Oil supplies.
That said, UAE Energy Minister Suhail Mohamed Al Mazrouei mentioned on Tuesday that UAE is committed to the deal lasting until the end of 2023. The diplomat, however, stated that he is more worried about supply than demand for next year. While saying the same, UAE Energy Minister said, “The US Strategic Petroleum Reserve release won't shock the market.”
Although comments from the Arab official should have ideally put a floor under the prices, hawkish statements from the Federal Reserve policymakers, despite unimpressive US inflation, joined a surprise build in US Oil inventories to weigh on prices. rose past market expectations to 6.4% YoY but posted the slowest increase since 2021 while easing below 6.5% prior. More importantly, CPI ex Food & Energy, better known as the Core CPI, grew 5.6% YoY compared to 5.5% market forecasts and the 5.
It should be noted that the fears surrounding the global economic slowdown and the US readiness to keep using the SPR balance to battle the Russia-linked Oil shortage seem to have favored the black gold sellers. Alternatively, geopolitical fears and the OPEC+ output cut puts a floor under the energy benchmark’s price.
While portraying the mood, US 10-year Treasury bond yields retreat to around 3.74%, after rising three basis points to refresh a six-week high the previous day whereas the two-year counterpart jumped to the highest level since early November 2022 by poking 4.62%, near 4.61% at the latest.
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