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\n Share:<\/span><\/p>\n West Texas<\/a> Intermediate (WTI), the US crude oil benchmark, traded with more than 0.50% losses on Monday as Russia tweaked its fuel ban. At the same time, higher interest rates in the United States (US) boosted the Greenback (USD), a headwind for US dollar-denominated assets. WTI is trading at $89.35 per barrel, late in the North American session.<\/p>\n Investors’ mood remains downbeat as speculations the US central bank would increase rates one more time. According to some banks on Wall Street, Russia\u2019s approval of changes to its fuel export ban was a headwind to oil prices, which were set to hit $100 per barrel.<\/p>\n Last week\u2019s Fed<\/a> decision to hold rates but upward revise the dot-plots for the next year, foreseeing rates<\/a> above 5%, snapped oil\u2019s three-week rally that witnessed WTI<\/a> gaining more than 10%, as Saudi Arabia and Russia extended its crude oil output cuts toward December 2023.<\/p>\n The Fed sent US bond yields skyrocketing, underpinning the Greenback to a year-to-date high of 106.09, as drafted by the US Dollar Index (DXY). Nevertheless, WTI\u2019s fall was cushioned by the oil rig’s count falling last week to 507 from 515, despite higher oil prices.<\/p>\n\n
West Texas Intermediate dips on Russia\u2019s relaxing fuel ban, strong USD<\/h2>\n