WTI discovers support near $80 ahead of Fed policy

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• WTI attempts recovery from $80.50 in hopes that the Fed will keep interest rates unchanged.
• The US Dollar Index gathers strength to extend recovery ahead of Fed policy, US labor, and factory data.
• Oil prices managed to recover despite weak Caixin Manufacturing PMI data.

West Texas Intermediate (WTI), futures on NYMEX, find bets near $80.50 on expectations that the Federal Reserve (Fed) will keep interest rates unchanged in the range of 5.25-5.50%. The Fed is widely to keep policy steady due to a gradual decline in consumer inflation and higher US long-term bond yields, which are impacting business investment and overall spending.