Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.
WTI prices loses momentum amid Middle East geopolitical tensions. World Bank predicted global oil prices to average $90 per barrel this quarter. Concerns about more rate hikes from the Federal Reserve might weigh on WTI prices. Oil traders will closely watch the Fed rate decision on Wednesday. 40 so far on Tuesday. A decline in WTI prices is supported by the escalating tension in the Middle East, which triggered the fear of potential oil supply disruptions.
The Federal Reserve Interest rate decisions are anticipated to maintain the rate steady, but Fed Chair Jerome Powell said that whether they will hold a rate for December will depend on the incoming data, while mentioning that an additional rate hike is possible if high economic growth and a labor shortage continue. It's worth noting that higher interest rates raise borrowing costs, which can slow the economy and diminish oil demand.
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