Fed Rate Cut Expectations Could Boost Oil Prices!
Fundamentally, oil prices are still trading at two-week highs today, with Brent at around US$63–64 per barrel and WTI around US$60 per barrel. This increase is supported by expectations of a Fed rate cut this week, which, if realized, could boost economic growth and future energy demand.
These rate cut expectations have weakened the US dollar and are usually a supportive factor for dollar-priced commodities, including oil. At the same time, the market is closely monitoring US economic data, which is starting to slow, as a too-deep slowdown could actually depress fuel consumption.
The oil price at the time of this analysis is $63.74
- Buy if the price moves within the $63.79 range
- Sell if the price moves within the $63.69 range
Resistance 2: $63.86
Resistance 1: $63.80
Support 1: $63.66
Support 2: $63.56
Disclaimer: This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id