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Crude Ticks Lower On Powell Remarks

OIL

Crude has ticked lower following the release of Jerome Powell’s remarks pointing to continued inflationary pressure in the US and a high chance of additional interest rate hikes.

  • The remarks of the Chair of the Federal Reserve Jerome Powell state the US remains committed to bring inflation back down to 2%. Bringing inflation down to 2% will take a long time. Reducing inflation is likely to require period of below-trend growth and some softening of labour market conditions.
  • Powell’s latest remarks point to modest oil demand growth in the US. Markets have been trying to assess the future demand growth in China and US against the lower OPEC output targets and strong supplies from Iran and Russia.
  • Brent AUG 23 down -0.3% at 75.7$/bbl
  • WTI AUG 23 down -0.2% at 71.05$/bbl
Energy BulletsCommodities
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