Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $85.00 on Friday.
WTI snaps the three-day winning streak near $85.00 on Friday. Israel retaliates as missiles strike a site in Iran, boosting the black gold price. The expectation that the US Fed will delay interest rate cuts to September might cap the WTI ’s upside. Western Texas Intermediate , the US crude oil benchmark, is trading around $85.00 on Friday.
On the other hand, several Fed officials have made hawkish comments in recent days. Atlanta Fed President Raphael Bostic said that US inflation is too high and Fed still has a way to go on inflation, while New York Fed President John Williams emphasized that the Fed is data dependent and he doesn't feel an urgency to cut rates. Earlier this week, Fed Cleveland President Loretta Mester said that inflation is higher than expected and the central bank needs more confidence in its trajectory.
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