WTI Oil price extended losses as Fed officials indicated higher interest rates for longer, which could dampen Oil demand. The crude Oil prices received pressure as China’s lower PPI indicatedpersistent sluggishness in business demand. Iraq's Oil minister Hayan Abdul Ghani committed to the voluntary Oil production cuts agreed upon by the OPEC. West Texas Intermediate crude Oil price have experienced a second consecutive decline, trading around $77.
Additionally, San Francisco Fed President Mary Daly emphasized the importance of sustaining a prolonged restrictive policy to achieve the Federal Reserve's inflation goals. Moreover, China witnessed another decline in its Producer Price Index , registering a 2.5% drop. This marks the 19th consecutive month of deflation, indicating persistent sluggishness in business demand in the largest Oil-importing nation. This exerts additional downward pressure on Oil prices.
Source: Digital Coin News (digitalcoinnews.net)
WTI Macroeconomics Commodities
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