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OIL: WTI Jumps on Fed 50bp Rate Cut

OIL
BulletEnergy BulletsCommodities

WTI jumped back to near rangebound on the day, erasing previous losses, after the Fed’s decision to cut rate by 50bp.

  • WTI OCT 24 down 0.2% at 71.06$/bbl
  • Fed cuts 50bps to 4.75%-5% range
  • A cut in rates will likely spur some additional demand in the US,
  • A weakening in the USD will also support crude demand as it makes cargoes cheaper for buyers who must exchange dollars for local currency.
  • USD Index  down 0.34% at 1220.62
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WTI jumped back to near rangebound on the day, erasing previous losses, after the Fed’s decision to cut rate by 50bp.

  • WTI OCT 24 down 0.2% at 71.06$/bbl
  • Fed cuts 50bps to 4.75%-5% range
  • A cut in rates will likely spur some additional demand in the US,
  • A weakening in the USD will also support crude demand as it makes cargoes cheaper for buyers who must exchange dollars for local currency.
  • USD Index  down 0.34% at 1220.62