The price of WTI oil is still below the 80 price level. The price failed to cross the 80 price level even though it rose to 80.03 on Monday.
Yesterday, oil prices continued their decline and drew a bearish candlestick amid hawkish statements from Fed officials regarding keeping interest rates higher for longer.
On the other hand, US oil supplies increased this week by 2.48 million barrels at the end of May 10 according to The American Petroleum Institute (API).
From a political perspective, the death of the Iranian president and the health problems of Saudi Arabia's Salman bin Abdulaziz do not seem to have affected the market.
Even though US inflation is cooling, Fed officials still appear to be hawkish and keep interest rates high for longer.
From the results of a survey by the CME FedWatch Tool, the probability of the Federal Reserve lowering interest rates by 25 basis points in September increased slightly to 49.6%, up from 48.6%. Oil prices could be looking support near the band line.
Yesterday, oil prices continued their decline and drew a bearish candlestick amid hawkish statements from Fed officials regarding keeping interest rates higher for longer.
On the other hand, US oil supplies increased this week by 2.48 million barrels at the end of May 10 according to The American Petroleum Institute (API).
From a political perspective, the death of the Iranian president and the health problems of Saudi Arabia's Salman bin Abdulaziz do not seem to have affected the market.
Even though US inflation is cooling, Fed officials still appear to be hawkish and keep interest rates high for longer.
From the results of a survey by the CME FedWatch Tool, the probability of the Federal Reserve lowering interest rates by 25 basis points in September increased slightly to 49.6%, up from 48.6%. Oil prices could be looking support near the band line.
