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WTI Edges Off Highs Post-Fed, But Extends Winning Streak Nonetheless

COMMODITIES
  • WTI and Brent crude futures traded mixed Wednesday, with WTI edging off new cycle highs following a more hawkish-than-expected FOMC rate decision. A sooner and steeper rate liftoff firmly strengthened the dollar, dragging WTI off the earlier highs.
  • This countered any support WTI may have received from a much sharper draw in crude reserves in the week's DoE crude inventories.
  • Despite weakness into the close, WTI managed to extend the recent winning streak, with Wednesday marking the 15th consecutive session of higher highs - a sequence that hasn't occurred in the contract's history. The second longest winning streak was 13 sessions in 1987.
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