WTI crude oil rebounds, approaches $79.00 despite Fed’s hawkish remarks

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• WTI climbs to $78.80 per barrel, up 0.39%, as hawkish comments from the Fed initially dent but later fail to suppress oil prices.
• Iran announces plans to ramp up crude oil production to 3.4 million bpd by the end of September,
• The US and Venezuela discussed easing sanctions, which would increase global oil production.

Western Texas Intermediate (WTI), the US crude oil benchmark, prints a reversal, climbing to $79.00 per barrel on Thursday, as market participants turned risk-averse on Fed official’s hawkish commentary. Even though it boosted the greenback, oil holds to its earlier gains. WTI is trading at $78.89, up 0.39%.