WTI Price Analysis: Confines in a $2.00 range as investors await US Inflation for a viewpoint Oil WTI Inflation Recession SupportResistance
a narrow range of $79.00-81.80 from the past week after the announcement of surprise production cuts by OPEC+ to provide stability in black gold.
The US Dollar Index has stretched its recovery to near 102.15 amid soaring expectations of one more rate hike from the Federal Reserve . Going forward, the release of theInflation data will provide more clarity. As per the consensus, the headline Consumer Price Index will decelerate to 5.2% from the former release of 6.0%. Contrary, the core CPI will inflate further to 5.6% from the prior release of 5.5%.
Meanwhile, the Relative Strength Index is oscillating in the 40.00-60.00 range, which conveys that investors are awaiting a potential trigger.
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