The post WTI continues its winning streak near $71.80 ahead of US CPI data appeared on BitcoinEthereumNews.com.

WTI price extends its gains possibly on expectations of a rise in monthly US CPI. Market expects US CPI (YoY) to ease to 3.1% and Core CPI to remain consistent at 4.0%. The growth of US shale oil operations and non-OPEC producers contributes to the uncertainties in the Crude oil market. Iran-backed Houthis attacked a commercial tanker vessel in the Red Sea. West Texas Intermediate (WTI) price attempts to extend gains for the fourth consecutive session ahead of US Consumer Price Index (CPI) data for November and the Federal Reserve’s (Fed) Interest Rate Decision. The WTI price bids around $71.80 per barrel during the Asian session on Tuesday. The market anticipates the annual US Consumer Price Index (CPI) figure to ease to 3.1% from the previous 3.2%, with the monthly inflation figure expected to rise by 0.1%. The US Core CPI is expected to remain steady at 4.0%. Higher inflation figures have the potential to reinforce confidence in the United States (US) economy, which could, in turn, provide support for the WTI oil price. Positive economic indicators may contribute to increased demand expectations, benefiting oil prices in the market. As for the Federal Open Market Committee (FOMC) policy decision on Wednesday, the expectation is for no change in policy rate adjustments. According to the CME FedWatch Tool, markets have priced in the FOMC to maintain the rate within the range of 5.25%–5.50% and are also pricing in a 25 basis point (bps) rate cut as early as March next year. Investors will closely analyze the Fed Monetary Policy Statement for insights into potential rate adjustments in 2024. The situation in the Red Sea is becoming increasingly tense as Iran-backed Houthis threaten to disrupt shipping. Their actions, including firing rockets at the US embassy in Baghdad and launching a land-based cruise…

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Filed under: News - @ December 12, 2023 5:20 am