- US crude oil benchmark WTI retreats from a daily high of $73.51, faltering under the $73.00 mark, impacted by looming Fed interest rate hikes threatening economic growth.
- A surge in expectations for a hawkish Fed following upbeat US economic data, coupled with diminished recession likelihood, sees a 50% chance of a 25 bps rate hike, a significant increase from last month’s 8.3% odds.
- WTI’s dip eased by OPEC+ output cut hints, Saudi short-seller warnings, and Russia’s production stance; focus shifts to June 4 OPEC+ meeting.
Western Texas Intermediate (WTI), the US crude oil benchmark, retreats after hitting a daily high of $73.51, tumbles below the $73.00 figure late in the New York session. At the time of writing, WTI is trading at $72.99, weighed by further interest rate hikes of the Federal Reserve, which could dent the prospects for economic growth.
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