Oil seems unstoppable, pushes toward 75 USD

By Peter Bukov|

Published: June 28 2021, 08:37 GMT+0

Oil seems unstoppable, pushes toward 75 USD

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The WTI oil seems to be one of the best-performing assets in the current inflation environment, and on Monday, it was up again, trading slightly below the important 75 USD level.

On Friday, the core US personal consumption expenditures price index rose 0.5% month-on-month, a bit lower than 0.6% expected, but the yearly change jumped to 3.4%, the biggest rise since 1992. 

It appears the USD can’t hold any bullish momentum, and the latest surge was quickly erased as the EURUSD pair is moving higher toward the 1.20 level again. However, precious metals have failed to correct their post-FOMC losses so far, indicating the USD might regain some of its strength this week.

From other news, US indices continue to hover near their record highs, with another leg higher very likely this week as the medium-term uptrend continues to be intact and without any interruptions. 

The week also includes several Fed officials’ appearances, including New York Fed President John Williams, Philadelphia Fed President Patrick Harker, Atlanta Fed President Raphael Bostic, Richmond Fed President Thomas Barkin, and Fed Vice Chair Randal Quarles.

Source: https://www.axiory.com/market-news/oil-seems-unstoppable-pushes-toward-75-usd