WTI Oil eases a touch on Wednesday after its five-day winning streak.
Oil traders are seeing earlier bullish bets play out with several supply issues at hand.
The US Dollar Index trades firmly higher ahead of the Fed rate decision.
Oil prices eased slightly on Wednesday, keeping above the $80 level and returning more than 5% gains in five trading days. The recent upside move comes amid increasing supply issues in Russia and the need to refill the US crude stockpile, swirling up demand. The most recent decline, meanwhile, can be attributed to a stronger US Dollar.
The US Dollar, meanwhile, has performed a similar five-day winning streak after it got an accelerator on Tuesday during Asian trading hours with the Bank of Japan rate decision. Looking ahead to this Wednesday, the US Dollar is facing the US Federal Reserve monetary policy decision. Besides the speech from Fed Chairman Jerome Powell, the economic projections – which include the dot plot – will be the most important piece of information to look at.
Crude Oil (WTI) trades at $82.10 per barrel, and Brent Oil trades at $86.25 per barrel at the time of writing.
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