Western Texas Intermediate (WTI) oil price experienced its most significant increase in six months, reaching $86.01 per barrel on Monday. However, it
Crude oil prices received upward support due to the Palestine-Israel conflict. The escalation of the Mid-East tension could involve Iran and Saudi Arabia. US oil giant Chevron is instructed to cease production at its Tamar natural gas field. The sentiment around rate hikes fades due to the dovish remarks made by Fed officials. has since pulled back to $84.70 at the time of writing on Tuesday. The recent surge could be attributed to the Middle East conflict.
Moreover, the remarks made by Federal Reserve officials overnight prompted investors to downplay the probability of additional rate hikes, resulting in a further drop in US bond yields. Consequently, this development is perceived as eroding the strength of the Greenback.
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