{"id":28274,"date":"2024-05-21T13:12:18","date_gmt":"2024-05-21T13:12:18","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=28274"},"modified":"2024-05-21T13:12:18","modified_gmt":"2024-05-21T13:12:18","slug":"wti-dips-below-79-after-hawkish-fed-comments","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/wti-dips-below-79-after-hawkish-fed-comments\/","title":{"rendered":"WTI Dips Below $79 After Hawkish Fed Comments"},"content":{"rendered":"

WTI Dips Below $79 After Hawkish Fed Comments<\/strong><\/h1>\n

West Texas Intermediate (WTI) oil prices continued their downward trend, settling around $78.90 per barrel during Tuesday’s Asian trading session. Despite significant geopolitical developments, including the death of Iran\u2019s President Ebrahim Raisi in a helicopter crash and health concerns about Saudi Arabia\u2019s King Salman bin Abdulaziz, the market remained largely unaffected by these events.<\/span><\/p>\n

The focus instead shifted to domestic economic signals, particularly recent comments from Federal Reserve officials. Crude oil prices have been under pressure as the market digests hawkish remarks from the Fed, which contrast with the slightly cooler US consumer inflation data observed last week. Federal Reserve Vice Chair Michael Barr, in a statement reported by Reuters, mentioned that the Fed is positioned to maintain its current policy while it observes economic developments.<\/span><\/p>\n

Further adding to the cautious sentiment, Loretta Mester, President of the Federal Reserve Bank of Cleveland, shared in a Bloomberg interview that she no longer sees the need for three rate cuts in 2024. Mester pointed out that inflation risks are tilted upwards, advocating for more time to evaluate inflation data in light of the economy’s robustness.<\/span><\/p>\n

Market<\/strong> <\/a>expectations for monetary policy adjustments have seen minor shifts; according to the CME FedWatch Tool, the probability of a 25 basis-point rate cut by the Fed in September has risen marginally to 49.6% from 48.6% the previous week.<\/span><\/p>\n

On the supply side, the Trans Mountain pipeline expansion in Canada began commercial operations this month after overcoming extensive regulatory hurdles and construction delays. The pipeline will now carry an additional 590,000 barrels per day (bpd) from Alberta to Canada’s Pacific coast, potentially impacting North American oil markets.<\/span><\/p>\n

Investor attention is also turning towards the upcoming meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+), scheduled for June 1. This meeting is critical as it will decide whether to continue the voluntary cuts of 2.2 million barrels per day currently in place by some members, influencing global oil supply and potentially affecting market dynamics further.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

WTI Dips Below $79 After Hawkish Fed Comments West Texas Intermediate (WTI) oil prices continued their downward trend, settling around $78.90 per barrel during Tuesday’s Asian trading session. Despite significant geopolitical developments, including the death of Iran\u2019s President Ebrahim Raisi in a helicopter crash and health concerns about Saudi Arabia\u2019s King Salman bin Abdulaziz, the<\/p>\n... continue reading<\/a>.","protected":false},"author":1,"featured_media":28275,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[559,2552,297,266,168,157,2447,547],"yoast_head":"\r\nWTI Dips Below $79 After Hawkish Fed Comments<\/title>\r\n<meta name=\"description\" content=\"West Texas Intermediate (WTI) oil prices continued their downward trend, settling around $78.90 per barrel during Tuesday's Asian trading session\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/wti-dips-below-79-after-hawkish-fed-comments\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"WTI 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