Crude oil is under pressure as FED becomes more hawkish
The latest higher than anticipated inflation had boosted yields of 30-year treasury bonds and probabilities of faster interest rate hikes.
That brings back the recession narrative to the markets, pushing Gold and Crude oil lower. As Crude oil is located near the important technical resistance, it may slide down toward $69-70 price area in response to the new market conditions.
That brings back the recession narrative to the markets, pushing Gold and Crude oil lower. As Crude oil is located near the important technical resistance, it may slide down toward $69-70 price area in response to the new market conditions.