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WTI struggles to surpass $85.00 despite the fact that hurricane Fiona and US President Biden favor bulls

Alina Haynes

Sep 19, 2022 14:39

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After declining for three consecutive weeks, WTI crude oil prices posted modest gains around $85.30 during Monday's Asian session as traders prepared for the Fed's monetary policy decision. In addition to price-positive news from China and the United States concerning Hurricane Fiona, the price of black gold remains positive. In addition, statements from Vice President Joe Biden appeared to have supported oil prices during a lackluster session.

 

Recent information from the National Hurricane Core (NHC) indicates that the center of hurricane Fiona will approach the northern shore of the Dominican Republic tonight. The Reuters update also stated, "Hurricane Fiona is currently traveling west of Puerto Rico and is headed for the eastern Dominican Republic, producing devastating flooding."

 

The news that Dalian, a city in the Chinese province of Liaoning, will remove the citywide lockdown on Monday also seems to have supported the WTI recovery. On the same line, US President Biden is quoted as saying, "I'm more positive than I've been in a very long time." The national leader also claimed that inflation will be brought under control.

 

Nonetheless, the oil bears are optimistic due to the Fed's hawkish wagers and the economic concerns emanating from China and Europe. Initial September Consumer Sentiment readings from the University of Michigan came in at 59.5, up from 58.6 the previous month but below market expectations of 60.0. With the stronger US statistics, the probability of a 75 basis point (bps) rate hike by the Federal Reserve increased to over 80%, or 82% at the time of publication, while the market's estimates of a complete one percentage point increase in the Fed rate jumped to 18%.

 

In the future, demand concerns are likely to continue exerting downside pressure on the energy market, despite the fact that the absence of important data/events on Monday and hurricane updates are likely to assist the black gold in recouping recent losses.


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