Oil prices are bracing for the weekly numbers from the Energy Information Administration (EIA) this Wednesday. The overnight numbers from the American
Petroleum Institute showed a surprise drawdown, by a whopping 5.25 million barrels against the build of 1.174 million barrels last week. Supply cuts and stockpile drawdowns in the US combined with elevated demand are pushing both USThe US Dollar is facing a moment of truth on Wednesday, with US Federal Reserve taking the stage. Although no hikes are expected, the stakes are very high.
The Fed will communicate its interest rate decision at 18:00 GMT. The US central bank is expected to keep rates on hold at the 5.25%-5.50% range. A statement will be available at the time of the rate communication explaining the decision. Fed Chair Jerome Powell press conference is due at 18:30 GMT. On the upside, the double top from October-November last year at $93.12 remains the level to beat. Although this looks very much in reach, markets have already priced in a lot of possible supply deficits and plenty of bullish outlooks. Should $93.12 be taken out, look for $97.11, the high of August 2022.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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