Crude oil prices fell on Tuesday, hovering around $68 and partially reversing Monday's rally. Despite bullish drivers such as the impact of Tropical Storm Francine on Gulf production and expectations for a large Fed rate cut, oil failed to rebound sharply.
Crude Oil edges down, partly reversing Monday’s gains. Oil fails to rebound sharply despite markets pricing in a large Fed rate cut and tropical storm Francine wipes out 3.6m barrels of output. The US Dollar Index remains under pressure, trading at the lower boundary of September’s bandwidth. Crude Oil falls on Tuesday, hovering around $68 and partly reversing Monday’s rally, which stalled close to the $70 handle.
, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute and the Energy Information Agency impact the price of WTI Oil.
is a group of 13 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When increases production, it has the opposite effect.
Crude Oil WTI Brent Crude Tropical Storm Francine Federal Reserve Rate Cut US Dollar Index
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