- WTI rate stays quiet ahead of regular monthly market reports from OPEC, IEA, and EIA.
- CME FedWatch Tool recommends a 68.9% likelihood of a rate cut in June.
- EIA launched that United States Crude oil production reached a record-breaking typical production of 12.9 M bpd.
West Texas Intermediate (WTI) oil cost hovers around $77.80 per barrel throughout the Asian hours on Tuesday. Petroleum markets stay suppressed, waiting for the release of the Consumer Price Index (CPI) information from the United States (United States). Expectations are for a modest uptick in February's United States inflation figures, although the yearly index is anticipated to hold stable.
A strong CPI report would most likely reduce the probability of an instant rate cut by the Federal Reserve (Fed), which might in turn boost the United States Dollar (USD) and present obstacles for petroleum costs. According to the CME FedWatch Tool, there has actually been a minor reduction in the likelihood of a rate cut in June, now standing at 68.9%.
Market individuals are likewise excitedly preparing for the release of month-to-month market reports from the Organization of Petroleum Exporting Countries (OPEC), the International Energy Agency (IEA), and the Energy Information Administration (EIA) today, intending to examine the worldwide need outlook.
ANZ experts kept in mind in a report that “Crude oil stays within a narrow trading variety as traders wait for need forecasts from the month-to-month reports released by 3 significant oil companies.” While they prepare for these forecasts to stay mainly the same, any unanticipated upward modifications would reduce need issues.
According to the Energy Information Administration (EIA), United States Crude oil production has actually continued to lead worldwide oil production for the 6th successive year, reaching a record-breaking typical production of 12.9 million barrels daily (bpd). United States Crude oil production rose to a brand-new month-to-month record high of over 13.3 million bpd in December.
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