Commodities Analysis by Investing.com (Barani Krishnan) covering: XAU/USD, US Dollar Index Futures, Gold Futures, Brent Oil Futures. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
Fed expected to leave rates unchanged for B, but with inflation running hotter than desired, markets queasy over what central bank could do going forth
Oil prices fell as the week opened in Asia, reversing a bulk of gains made in the prior session, as anticipation of the Fed meeting and key economic readings this week spurred some profit-taking. “WTI’s charts show the door is open for a retest of its first support zone of $83.50, followed by $82.50,” said Sunil Kumar Dixit, chief technical strategist at SKCharting.com.
But without any signs of further escalation of the conflict on Monday — and, more importantly, without any disruption still in the countless numbers of barrels of oil moving around in waters very close to the war zone — the war premium risk for crude was back down, said those in the know.Oil markets were largely on edge before the Fed meeting on Wednesday, with any hawkish signals from the central bank presenting more headwinds for crude demand.
Ahead of Friday’s data, market participants will be looking at data on third-quarter employment costs on Tuesday for signs that wage growth is moderating. The country’s aviation regulator recently said it will increase domestic flights to 34% above pre-pandemic levels- a positive sign for oil demand, although air travel still makes up a small portion of the China’s overall fuel consumption.
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