WTI bulls in the market in anticipaiton of risk-on sentiment around the Fed

WTI traders turn to the Fed for the next catalyst.

´´The potential expansion of FDIC’s coverage to all deposits soothed concerns of further bank runs. The support was aided by further supply-side issues. Russian extended its 500kb/d crude output cut through June,´´ analysts at TANZ Bank explained. Meanwhile, we have the pair of weekly US oil inventory reports starting with trade group API today followed by the official EIA inventory data on Wednesday. The API has shown a large headline build vs. the draw expected.

tomorrow. The central bank is still expected to continue to try and slow the US economy to lower inflation, despite the banking crisis and the fears it could spur a demand-destroying recession.is expected to hike and take the Fed Funds rate to 4.75%-5.00%. There will also be the dot plot and the post-meeting communication is likely to emphasize that the Fed is not done yet in terms of tightening.

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