- The oil price has recovered sharply after slipping below $71.00 ahead of PBoC’s interest rate policy.
- Hawkish Fed guidance failed to impact overall oil price recovery.
- Investors will keep an eye on the discussion between US Secretary of State Antony Blinken and China’s President XI Jinping.
West Texas Intermediate (WTI), futures on NYMEX, have reported a quick recovery after correcting below $71.00 in the European session. The oil price is capitalizing on expectations of a dovish stance from the People’s Bank of China (PBoC), which will be announced on Tuesday, as the Chinese economy needs monetary stimulus to support bleak demand from households.
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