Linea Mercati Interview 6/20/23
June 21, 2023
Cool US May consumer-price index rise supports Fed pause argument
June 21, 2023US crude-oil futures are recouping some of yesterday’s losses, up 0.8% at $68.84 a barrel. WTI crude has fallen in four of the past five sessions including a 1.7% drop yesterday after the Fed held rates steady for June but suggested more rate hikes — which oil markets often view as demand-destructive events — could be coming later this year. Regarding today’s gains, Peter Cardillo at Spartan Capital says in a note that “crude oil is trading higher as technical oversold conditions attract short covering. However, China’s negative economic outlook remain a key depressing factor for the market.” Brent crude climbs 0.9% to $73.85.
