The price of Texas intermediate oil (WTI) opened this Wednesday with a drop of 1.70%, reaching $82.05 a barrel, while investors await the next announcements from the Reserva Federal (Fed) of USA.
At 9:00 a.m. local time (2:00 p.m. GMT), WTI futures contracts for delivery in April were down $1.42 from the close of the previous session.
Oil continued its rally in recent days on Tuesday, with WTI hitting a new high since November by closing above $83 a barrel.
“The key bullish catalyst for Tuesday’s rally was news that recent drone attacks on Russian refineries by Ukrainian forces could lead to cuts in crude oil production in the order of 7%.” “total Russian production”indicated Tom Essaye, informing ‘The Sevens Report’.
On Wednesday, investors will be watching the Fed, which will announce its interest rate decision and offer its latest macroeconomic forecasts at the end of a two-day meeting of its members. Federal Open Market Committee.
Investors will also be keeping an eye on official data on the company’s reserves. US Energy Information Administration, which will be published this Wednesday. EFE (I)
#WTI #oil #opens #drop #USD
