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WTI Price Analysis: WTI price soars after Powell’s testimony
The West Texas Intermediate (WTI) rose to its highest level in two weeks and then stabilized at $72.40 following Jerome Powell’s testimony before the US Congress. Despite hinting at additional hikes, he noted that the economy and the labor market remain strong, which fueled a positive market environment and a recovery in US stocks. In addition, the USD, measured by the DXY index, fell to 102.05, seeing more than 0.40% losses. Before the US Congress, Jerome Powell, Chair of the Federal Reserve (Fed) of the US, stated that “nearly all FOMC participants expect it will be appropriate to raise interest rates somewhat ... (full story)