WTI barrel reached a high of $76.11 on Thursday, but later settled below $76.00. The US crude benchmark is currently trading at $75.72.
The WTI’s upwards potential is limited by a cautious market environment and a strong dollar, while reports of oil American stocks may limit the downside.
Crude oil stocks fell in the week ending July 14, and the US Energy Information Administration reported a 708,000 barrel drop, lifting the black gold’s price. The USD recovered amid lower-than-expected Jobless Claims, with fewer people filing for unemployment benefits.
US Treasury yields advanced, with the 2-year yield showing nearly 2% gains and the 5- and 10-year yields rising to 4.10% and 3.84%, respectively.
Markets have discounted a 25 basis point hike for next week’s meeting, but the odds of a hike beyond July remain low. Higher rates are negatively correlated with oil prices, as they cool down economic activity and lower energy demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
WTI barrel reached a high of $76.11 on Thursday, but later settled below $76.00. The US crude benchmark is currently trading at $75.72. The WTI’s upwards potential is limited by a cautious market environment and a strong dollar, while reports of oil American stocks may limit the downside. Crude oil stocks fell in the week …<\/p>\n","protected":false},"author":13,"featured_media":77220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8367,6909],"class_list":["post-86835","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-us-dollar","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=86835"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86835\/revisions"}],"predecessor-version":[{"id":86839,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86835\/revisions\/86839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77220"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=86835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=86835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=86835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}