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Oil Under Pressure From Fed, Dollar, And Demand Woes

Bearish

December U.S. West Texas Intermediate crude oil futures are trading sharply lower late Thursday after a tentative agreement that would avert a U.S. rail strike wiped out three days of speculative gains. Sellers were also driven by expectations for weaker global demand and continued U.S. Dollar strength ahead of next week’s potentially one-percentage point rate increase by the U.S. Federal Reserve.

On Thursday, it was the news that a railroad strike had been averted that drove prices lower, but the groundwork for the sell-off had been building all week due as a number of bearish factors outweighed the potentially bullish news.

Bearish Factor: Speculative Buyers Head for the Exits after Railway Strike is Averted

After posting a small gain early in the session on Thursday, crude oil prices began to weaken following an announcement by President Joe Biden that a tentative railway labor deal to avert a national rail strike that threatened to shut a major segment of the U.S. transportation network had been reached.

The agreement would improve rail workers pay, working conditions, and give them “peace of mind around their health care costs,” Biden said in a statement.

Negotiators from railroad carriers and unions met in Labor Secretary Marty Walsh’s office Wednesday as the sides tried to negotiate a deal ahead of Friday’s strike deadline.

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  • Mike Lewicki on September 16 2022 said:
    why dont you write an article that shows EIA crude weekly data versus SPR releases.


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