WTI retraces recent gains near $89.70 on Fed officials' hawkish remarks, US data eyed

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WTI retraces recent gains near $89.70 on Fed officials' hawkish remarks, US data eyed
France Dernières Nouvelles,France Actualités
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Western Texas Intermediate (WTI), the US crude oil benchmark eases from the recent gains, trading lower around $89.70 per barrel during the Asian sess

The combined supply cuts of 1.3 million barrels per day from Saudi Arabia and Russia have been extended until the end of 2023. Market analysts believe that this extension will exacerbate an anticipated 2 million barrels per day deficit in global oil supplies.trajectory snapped a winning streak in oil prices during the previous week.

US Dollar Index , measuring the Greenback's value against six major currencies, is struggling to gain momentum, hovering around 105.60 at the time of writing. However, the yield on the 10-year US Treasury note appreciated to 4.45%, a 0.50% increase by the press time, which could provide support in underpinning the US Dollar .

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