- WTI jumped to its highest level since June 8, reaching $72.70.
- Powell didn’t deliver hawkish surprises, maintaining his stance from last Wednesday’s presser.
- A positive market mood and rising stocks fueled the rise in black gold.
The West Texas Intermediate (WTI) rose to its highest level in two weeks and then stabilized at $72.40 following Jerome Powell’s testimony before the US Congress. Despite hinting at additional hikes, he noted that the economy and the labor market remain strong, which fueled a positive market environment and a recovery in US stocks. In addition, the USD, measured by the DXY index, fell to 102.05, seeing more than 0.40% losses.
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