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The crude oil market did not react seriously to the Fed meeting

TVC:USOIL   CFDs on WTI Crude Oil
The price of light crude oil (WTI) fluctuates around $ 72. Growth in global demand for crude oil supports the market, but at the same time the Federal Reserve's willingness to change monetary policy has put the market under pressure. According to Citigroup , the outlook for the crude oil market remains positive and Brent crude will soon reach $ 80.
The head of the US Federal Reserve announced yesterday that central bank officials have begun discussions on reducing the monthly purchase volume of bonds and that interest rates are likely to rise in two phases by the end of 2023. This has supported the US dollar and to the detriment of crude oil prices. The price of crude oil is calculated in dollars, and the rise in the value of the dollar means that the price of crude oil has risen for non-Americans.
However, the crude oil market has been able to defend the recent bullish rally. Even the price of Russian crude oil has been able to reach the highest price level since February 2020. The report on US weekly crude oil reserves was also published yesterday. US crude stockpiles have declined due to rising demand for refineries. A drop in US crude stockpiles could mean a drop in supply or an increase in demand, both of which could push up crude oil prices.

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