USOIL Ready for the recovery towards 73!

11 Ara 2023

The price of WTI crude oil is facing challenges in maintaining intraday gains, experiencing a decrease during Monday's European session, hovering around $71.40 per barrel. The recent price increase has been fueled by positive employment data in the United States, but investors are skeptical about the possibility of a significant reduction in supply despite OPEC+'s efforts. In response to the price decline, the United States has initiated the purchase of up to three million barrels of crude oil for the Strategic Petroleum Reserve. Concerns about deflation in China, the leading oil importer, and data indicating high inventories and subdued demand have contributed to downward pressure. Oil traders are cautious, awaiting the Federal Reserve's interest rate decision, with expectations of stability at 5.5%. The market is also focused on the weekly API crude oil inventory data to assess potential impacts.