West Texas Intermediate (WTI), futures on NYMEX, have dropped after failing to sustain above $81.00 in the Tokyo session. The oil price is confined in a narrow range of $79.00-81.80 from the past week after the announcement of surprise production cuts by OPEC to provide stability in black gold.
Bearish bets for the oil price were accelerating as investors are worried about oil demand due to escalating fears of global recession amid policy-tightening by central banks.
The US Dollar Index (DXY) has stretched its recovery to near 102.15 amid soaring expectations of one more rate hike from the Federal Reserve (Fed). Going forward, the release of the United States Inflation data will provide more clarity. As per the consensus, the headline Consumer Price Index (CPI) will decelerate to 5.2% from the former release of 6.0%. Contrary, the core CPI will inflate further to 5.6% from the prior release of 5.5%.
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