- WTI got bolstered by a soft US Dollar, though it struggled to break above solid resistance.
- The deceleration in US Consumer Price Index (CPI) and expectations for a Fed pivot can underpin WTI prices.
- WTI Price Analysis: Faces a wall of resistance around $79.00.
Western Texas Intermediate (WTI), the US crude oil benchmark, advanced 0.98% on Thursday and extended its gains to two consecutive days, though it is clashing around technical indicators after releasing crucial US inflation data. At the time of writing, WTI is trading at around $78.40 per barrel.
The US Consumer Price Index (CPI) for December dipped 0.1%, as reported by the Department of Labor (DoL), suggesting that the US Federal Reserve (Fed) could slow down the pace of rate increases, a headwind for the greenback. Therefore, oil prices increased, as a weaker US Dollar would benefit crude buyers.
Another factor that bolstered WTI is China’s…
