WTI snaps two-day rebound near $76.50 despite geopolitical woes, US Dollar retreat – by anilpanchal7 Oil WTI RussianFederation RiskAppetite Commodities
truggles to justify geopolitical fears emanating from Russia, as well as fail to cheer a pullback in theThat said, Politico reports fresh sanctions on Russia from the US and the UK, as well as the European Union after a clash between Poland and Italy held up the process for days. On the other hand, Reuters came out with the news suggesting Russia’s halting of oil flow to Poland via the Druzhba pipeline.
It should be noted that the recently firmer statistics from the developed economies allowed their respective central banks to defend the hawkish bias and suggest more rate hikes, even as recession fears loom. The same challenges the energy prices amid fears of low demand in the future. Also weighing on the energy prices could the US President Joe Biden’s readiness to ease control of the Strategic Petroleum Reserves to tame the oil shortage.
Additionally, the US Dollar’s strength exerts downside pressure on the energy benchmark, despite the latest pullback from the seven-week high. Moving on, the weekly Oil inventory numbers from the American Petroleum Institute and the Energy Information Administration could entertain Oil traders but major attention will be given to the risk catalysts for clear directions. That said, the chatter surrounding the hidden alliance between Russia and China could keep Oil buyers hopeful.A daily closing beyond a two-week-old descending resistance line, around $27.
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