WTI rises to $85.00 a barrel as the US Dollar drops
Western Texas Intermediate (WTI) is anticipated to end the week down 0.55%. The demand from China and a weak US dollar supported oil prices. Because WTI purchasers cannot break through the 50-day EMA, the commodity is leaning down.
WTI is poised to close Friday’s trading session practically flat, as Wall Street concluded the day with significant gains amid prospects of a Fed pivot after wires reported that Fed members were considering slowing the rate of rate rises after their meeting in November. WTI is now selling at $85.17 a barrel, up only 0.19% from earlier.
Due to a weaker US dollar and increased demand from China, WTI reversed some of its previous losses.
Given that the Fed would scale down its aggressiveness, the dollar declined, which benefited the commodity priced in US Dollars. US Treasury rates reversed previous advances, weakening the dollar, as seen by the US Dollar Index, which dropped 0.88% to 111.865 from a YTD high of 113.942.
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