{"id":311527,"date":"2024-05-28T17:03:38","date_gmt":"2024-05-28T11:33:38","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=311527"},"modified":"2024-05-28T17:03:38","modified_gmt":"2024-05-28T11:33:38","slug":"wti-approaches-weekly-high-above-79-00-amid-caution-ahead-of-opec-meet-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/wti-approaches-weekly-high-above-79-00-amid-caution-ahead-of-opec-meet-crypto-news\/","title":{"rendered":"WTI approaches weekly high above $79.00 amid caution ahead of OPEC+ meet &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><b>The Oil price extends upside as uncertainty ahead of the OPEC+ meeting neutralizes the impact of fading Fed rate-cut prospects.<\/b><\/li>\n<li><strong>Easing Fed rate-cut bets fail to uplift the US Dollar\u2019s appeal.<\/strong><\/li>\n<li><strong>Fed officials believe that slowdown in April\u2019s CPI report won\u2019t be long-lasting.<\/strong><\/li>\n<\/ul>\n<p>West Texas Intermediate (WTI), futures on NYMEX, move higher towards weekly high near $79.25 in Tuesday\u2019s European session. The Oil price extends its winning streak for the third trading session as uncertainty among investors ahead of the OPEC+ meeting scheduled for June 2 offsets the impact of easing bets leaned towards the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/fed\" data-fxs-autoanchor=\"\">Federal Reserve<\/a> (Fed) reducing interest rates from the September meeting.<\/p>\n<p>Investors caution that the Oil supply could reduce further if OPEC members extend the current cut of two million barrels per day. This will uplift the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/commodities\/energy\/oil\" data-fxs-autoanchor=\"\">Oil prices<\/a> due to supply concerns in an already tight market.<\/p>\n<p>Meanwhile, market speculation for Fed rate cut in the September meeting has diminished significantly and investors now expect that centra bank will start reducing borrowing rates in the last quarter of this year. The failure of soft <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\" data-fxs-autoanchor=\"\">United States<\/a> (US) Consumer Price Index (CPI) report of April in building confidence among policymakers that the progress in the disinflation process has resumed after stalling for straight three months has forced traders to pare rate-cut bets.<\/p>\n<p>A sharp decline in Fed rate-cut prospects has failed to uplift the US Dollar. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/us-dollar-index\" data-fxs-autoanchor=\"\">The US Dollar Index<\/a> (DXY), which tracks the Greenback\u2019s value against six major currencies, extends its downside to 104.40.<\/p>\n<p>Going forward, investors will focus on the US core Personal Consumption Expenditure Price Index (PCE) data for April, which will be published on Friday. The Fed\u2019s preferred inflation measure is estimated to have grown steadily on monthly and annual basis at 0.3% and 2.8%, respectively. This would weaken the case of Fed rate cuts in September further.<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Oil price extends upside as uncertainty ahead of the OPEC+ meeting neutralizes the impact of fading Fed rate-cut prospects. Easing Fed rate-cut bets fail to uplift the US Dollar\u2019s appeal. Fed officials believe that slowdown in April\u2019s CPI report won\u2019t be long-lasting. West Texas Intermediate (WTI), futures on NYMEX, move higher towards weekly high [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,366,255,388,250,683,797,252,247,253,249,256,254,664],"class_list":["post-311527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-fed","tag-gta","tag-inflation","tag-looks-rare","tag-oil","tag-opec","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress","tag-wti"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/311527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=311527"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/311527\/revisions"}],"predecessor-version":[{"id":311528,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/311527\/revisions\/311528"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/5194"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=311527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=311527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=311527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}