West Texas Intermediate (WTI), futures on NYMEX, gather strength for a fresh upside above the immediate resistance of $86.50. Investors see the oil ma
WTI prepares for a fresh upside amid fears that the Israel-Palestine conflict could stretch beyond Gaza. The oil supply from the already tight oil market is expected to elevate inflation in oil-importing countries. A slowdown in the progress of inflation declining to 2% could raise hawkish Fed bets. rket tightening further as conflict between Israel and Hamas could stretch beyond Gaza.
The oil supply from the already tight oil market is expected to elevate inflationary pressures in countries, which rely on oil imports to cater to their energy requirements. The US Dollar Index dropped further below 106.00 as a couple of Federal Reserve policymakers supported keeping interest rates unchanged on November 01 due to the rising US Treasury yields. The 10-year US Treasury yields have humped to a multi-year high at around 4.8% and have elevated borrowing costs.
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