Oil is unable to keep its head decisively above the pivotal level of $75.27. Investors are in a wait-and-see mode ahead of Wednesday’s US CPI and Fed decision. The US Dollar Index trades above 105.00 after the European elections showed an advance of far right parties. Oil prices look bleak on Monday, with the West Texas Intermediate benchmark trading broadly steady, after elections in the European Union showed an advance from far-right parties.
+ is not the Fed or ECB Oil prices are heading towards the Fed rate decision in a depressed state following their near 10% slide lower last week . With uncertainties on the horizon in Europe and sluggish demand in the US – where the Fed might keep rates steady for longer – all eyes look to Asia. This triggers an overload in offer from the Middle East to the region with price cuts, as seen by Saudi Aramco. Looking up, the pivotal level near $75.
influence the price of WTI Oil? decides to lower quotas, it can tighten supply, pushing up Oil prices. When