WTI ignores risk aversion, downbeat Oil inventories to pare losses around $80.50 as US Dollar retreats – by anilpanchal7 Oil WTI OPEC Recession Commodities
US Dollar’s corrective bounce, risk-off mood and downbeat EIA stockpiles previously probed Oil buyers.
That said, the US Dollar’s corrective bounce joined downbeat Oil inventory data to trigger a pullback in the commodity prices. Also challenging the WTI buyers were recession fears. However, the broad USD weakness and geopolitical tensions emanating from China and Russia keeps the buyers of the energy benchmark hopeful.
Elsewhere, US Dollar Index fades bounce off two-month low as it retreats to 101.82 by the press time amid recently increased odds of the US Federal Reserve’s no rate hike in May. It should be noted that downbeat US data allowed the hawkishAfter a disappointing 19-month low of the US JOLTS Job Openings for February, the ADP Employment Change for March dropped to 145K from 200K expected and an upwardly revised prior of 261K.
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