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Crude Oil Holds the High Ground on US Dollar Weakness. Will WTI go Higher?

February 8, 2023

Via: DailyFX
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Crude oil has held onto overnight gains with the WTI futures contract trading above 77 U.S. Dollars and the Brent contract is trading over 83.50 U.S. Dollars.

Risk assets were generally buoyed going into the Asian session by the perception that Federal Reserve Chairman Jerome Powell was not hawkish enough in his commentary overnight.

Interest rate markets seem to have taken his comments on board, but equity and currency markets appear to be calling the Fed’s bluff.

Oil was further boosted by supplying supply chain issues arising in Turkey, due to the earthquake and in Norway, due to a technical fault.

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