{"id":320118,"date":"2024-06-10T07:34:26","date_gmt":"2024-06-10T02:04:26","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=320118"},"modified":"2024-06-10T07:34:26","modified_gmt":"2024-06-10T02:04:26","slug":"wti-rebounds-to-near-75-50-due-to-expectations-of-fed-rate-cuts-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/wti-rebounds-to-near-75-50-due-to-expectations-of-fed-rate-cuts-crypto-news\/","title":{"rendered":"WTI rebounds to near $75.50 due to expectations of Fed rate cuts &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>WTI price gains ground due to speculation of a Fed rate cut in September.<\/strong><\/li>\n<li><strong>Crude Oil prices may struggle as a strong US jobs report would bolster a hawkish stance from the Fed.<\/strong><\/li>\n<li><strong>Concerns about a supply surplus have grown as OPEC+ decided to reverse voluntary cuts gradually.<\/strong><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/westtexasintermediate\" data-fxs-autoanchor=\"\">West Texas<\/a> Intermediate (WTI) Oil price recovers the previous session&#8217;s losses, trading around $75.30 per barrel during Monday&#8217;s Asian trading hours. This increase in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/commodities\/energy\/oil\" data-fxs-autoanchor=\"\">crude Oil prices<\/a> is largely due to speculation that the US Federal Reserve (Fed) may cut interest <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/rates\" data-fxs-autoanchor=\"\">rates<\/a> in September.<\/p>\n<p>However, better-than-expected US employment data released on Friday has caused traders to delay their expectations of a Fed rate cut. According to the US Bureau of Labor Statistics (BLS), May&#8217;s US <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/economic-indicator\/nfp\" data-fxs-autoanchor=\"\">Nonfarm Payrolls<\/a> (NFP) increased by 272,000, up from 165,000 in April. The stronger employment data has attracted buyers to the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/us-dollar-index\" data-fxs-autoanchor=\"\">US Dollar<\/a> (USD), which has put downward pressure on Oil prices by making the commodity more expensive for buyer countries using other currencies.<\/p>\n<p>Crude Oil prices may face pressure if borrowing costs remain high for an extended period, which would negatively impact Oil demand. A strong US jobs report would bolster a hawkish stance from the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/fed\" data-fxs-autoanchor=\"\">Federal Reserve<\/a>. The CME FedWatch Tool indicates that the likelihood of a Fed rate cut in September by at least 25 basis points has decreased to nearly 48.0%, down from 54.8% a week earlier.<\/p>\n<p>Additionally, concerns over a potential supply surplus of Oil have increased as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to gradually unwind voluntary cuts from eight member countries starting in October. By December, more than 500,000 barrels per day (bpd) are expected to re-enter the market, with a total of 1.8 million bpd returning by June 2025.<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>WTI price gains ground due to speculation of a Fed rate cut in September. Crude Oil prices may struggle as a strong US jobs report would bolster a hawkish stance from the Fed. Concerns about a supply surplus have grown as OPEC+ decided to reverse voluntary cuts gradually. West Texas Intermediate (WTI) Oil price recovers [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,351,257,255,250,333,683,252,247,253,249,256,254,664],"class_list":["post-320118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-commodities","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-macroeconomics","tag-oil","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\/320118","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=320118"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/320118\/revisions"}],"predecessor-version":[{"id":320119,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/320118\/revisions\/320119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/6375"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=320118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=320118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=320118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}