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The Commodities Feed: Fed hikes
The oil market saw a further recovery yesterday. ICE Brent settled more than 1.8% higher on the day, whilst WTI managed to settle above US$70/bbl for the first time in a week. The Fed’s decision to hike rates by 25bp was the most priced-in outcome and so, as a result, provided little in the way of surprises to the market. Price action is weaker in early morning trading today, not helped by comments from US Treasury Secretary, Janet Yellen, who said that the government was not looking at providing blanket deposit insurance following recent developments in the banking sector. Weekly EIA data was constructive. US ... (full story)
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- Posted: Mar 22, 2023 10:00pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 339
