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WTI rises to near $69.50, upside seems limited due to subdued response after Fed decision
West Texas Intermediate (WTI) Oil price retraces its recent losses from the previous session, trading around $69.50 per barrel during the Asian hours on Thursday. The US Federal Reserve’s (Fed) decision to cut interest rates by 50 basis points, more than anticipated, provided support to Oil prices, though the overall market response has been relatively muted. According to a Reuters report, ANZ analysts commented in a note, "The 50 basis point cut suggests significant economic challenges ahead, but bearish investors were left disappointed as the Fed also raised its medium-term outlook for rates." The Federal ... (full story)
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- Posted: Sep 19, 2024 3:30am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 106
