❗️ WTI Price Rises After US Interest Rate Remains ❗️
West Texas Intermediate (WTI) crude oil prices continued to rise, trading around $70.00 a barrel during the Asian session, marking a second straight day of gains. The jump followed the release of EIA US Crude Oil Stock Changes for the week ended December 8, showing production of 4.259 million barrels, beating expectations of 0.65 million barrels.
In addition, the Federal Reserve's decision to keep interest rates at 5.5%, coupled with the expectation of three rate cuts in 2024, has boosted sentiment. Fed Chairman Jerome Powell's dovish stance suggests lower rates may spur economic growth and boost oil demand. Meanwhile, geopolitical tensions, rising as Yemen's Houthi forces warned of possible supply disruptions in the Middle East, weighed on crude oil prices.
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