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    WTI Finds Stability with Fed Turning Hawkish

    Abstract:On Thursday, WTI crude oil established a firmer footing above $39.0 and rallied again to an intraday high of $40.36 after suffering an overnight pullback.

      WikiFX News (25 Sept) - On Thursday, WTI crude oil established a firmer footing above $39.0 and rallied again to an intraday high of $40.36 after suffering an overnight pullback. Oil prices and U.S. stocks have found some stability and are poised for a rebound amid the upbeat economic forecast lifted by the Fed's hawkish statements and the Democrats' $2.2 trillion stimulus package.

      The St. Louis Fed president said that it's not reasonable to expect a second-wave coronavirus scenario to be the one that would dominate economic forecasts. Meanwhile, the Dallas Fed president indicated that there would be a 30% annualized increase in Q3 GDP (a seasonally adjusted annual rate) and a strong growth in Q4 GDP.

      According to Thursday market news, the U.S. Democrats are working on a $2.2 trillion coronavirus stimulus package, which seems to lift markets' expectations. It spurs a rally in Wall Street equity indices and also provides momentum for oil prices.

      Oil prices may embrace a later high as it has been constructive above $39.0. However, a retreat back to $39.0-34.5 is also possible if the previous high of $44.0 is ultimately not penetrated, considering the generally bearish oil prices.

      All the above is provided by WikiFX, a platform world-renowned for foreign exchange information. For details, please download the WikiFX App: bit.ly/WIKIFX

    分析-09.25.png

      Chart: Trend of WTI Crude

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