{"id":26919,"date":"2024-02-29T11:31:28","date_gmt":"2024-02-29T11:31:28","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=26919"},"modified":"2024-02-29T11:31:28","modified_gmt":"2024-02-29T11:31:28","slug":"wti-stays-under-78-00-as-us-pce-data-approaches","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/wti-stays-under-78-00-as-us-pce-data-approaches\/","title":{"rendered":"WTI Stays Under $78.00 as US PCE Data Approaches"},"content":{"rendered":"<h1><strong>WTI Stays Under $78.00 as US PCE Data Approaches<\/strong><\/h1>\n<p><span style=\"font-weight: 400;\">Western Texas Intermediate (WTI), the benchmark for US crude oil, is currently hovering around $77.75 as of Thursday. The WTI prices have seen a slight decline, influenced by the Federal Reserve&#8217;s (Fed) decision to postpone initial rate cuts and the pressure from increasing US oil inventories.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recent reports indicate a substantial rise in US crude oil stocks. The American Petroleum Institute (API) reported an increase of 8.428 million barrels in the week ending February 23, up from a build of 7.168 million barrels in the preceding week. Complementing this data, the Energy Information Administration (EIA) revealed that crude oil stockpiles rose by 4.199 million barrels last week, exceeding the previous increase of 3.514 million barrels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In an effort to manage oil supply, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including a key player, Saudi Arabia, agreed last November to cut oil production by 2.2 million barrels per day in the first quarter of the year. Additionally, there is speculation that OPEC+ might extend these voluntary output reductions into the second quarter, potentially leading to tighter market conditions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Concurrently, recent remarks from Federal Reserve officials suggest a delay in interest rate reductions. This could potentially slow economic growth and reduce oil demand. Philadelphia Fed President Patrick Harker recently advocated for a gradual and cautious approach to rate cuts to mitigate risk and uncertainty. Fed Governor Bowman noted that while inflation is expected to decline with current interest rates, it is premature to begin rate reductions. Kansas City Fed President Schmid echoed these sentiments, pointing out the unnecessary nature of preemptive policy adjustments given the current economic conditions, including above-target inflation and tight labor markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Market participants are now turning their attention to the upcoming US Core Personal Consumption Expenditures Index (Core PCE) data, expected on Thursday. Forecasts suggest a drop to 2.8% year-over-year for January. This data, pivotal for the USD-denominated WTI pricing, is likely to influence oil traders, who will be looking for trading opportunities based on the outcomes and their impact on WTI prices.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WTI Stays Under $78.00 as US PCE Data Approaches Western Texas Intermediate (WTI), the benchmark for US crude oil, is currently hovering around $77.75 as of Thursday. The WTI prices have seen a slight decline, influenced by the Federal Reserve&#8217;s (Fed) decision to postpone initial rate cuts and the pressure from increasing US oil inventories.<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/wti-stays-under-78-00-as-us-pce-data-approaches\/\">continue reading<\/a>.","protected":false},"author":1,"featured_media":26920,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[265,531,298,158,157,164,578,2347,201,2311],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>WTI Stays Under $78.00 as US PCE Data Approaches<\/title>\r\n<meta name=\"description\" content=\"The WTI prices have seen a slight decline, influenced by the Federal Reserve&#039;s (Fed) decision to postpone initial rate cuts\" \/>\r\n<link rel=\"canonical\" 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