Market News : On Wednesday, WTI crude oil prices held steady near $79 per barrel as market participants cautiously awaited the US Federal Reserve’s highly anticipated policy decision as well as production guidance from OPEC and its allies.
Amid signs of slowing US inflation, the Fed is widely anticipated to raise interest rates by a smaller quarter-point on Wednesday. Investors will be on the lookout for dovish cues following the meeting.
At a monitoring meeting on Wednesday, OPEC+ is also anticipated to maintain its current oil production levels as the group cautiously waits for clarification on the effects of China’s economic reopening and the most recent sanctions on Russian supply.
Commodity markets were nonetheless still plagued by global economic uncertainty as mixed results were reported for major economies’ corporate earnings and manufacturing data. Industry data.
