WTI turns red near $81.50 on Fed’s hawkish comments, a surprise jump in US crude stockpiles

TI trades on a softer note near $81.50 on Thursday. The high-for-longer rate narrative from the Fed boosts the US Dollar. US crude oil inventories rose by 3.165 million barrels for the week ending March 22 from a decline of 1.952 million barrels. Western Texas Intermediate , the US crude oil benchmark, is trading around $81.50 on Wednesday. WTI prices edge lower amid the recovery of the US Dollar and a surprise jump in U.S. crude and gasoline stocks.

is expected to affirm its production cuts policy until a full ministerial meeting in June. Oil traders will watch the US Gross Domestic Product Annualized for the fourth quarter on Thursday, which is estimated to remain steady at 3.2%. On Friday, the US Personal Consumption Expenditures Price Index data for February and Fed’s Powell will be in the spotlight. WTI US OIL Overview Today last price 81.5 Today Daily Change 0.01 Today Daily Change % 0.01 Today daily open 81.49 Trends Daily SMA20 79.

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