- Oil rises on the day of the start of the FOMC meeting.
- Recession fears, overshadowed by supply and demand balance.
Oil prices are rising on Tuesday, on the day the FOMC meeting opens and against a backdrop of recession fears. The barrel of WTI (platforms) trades at $97.10, having reached almost a week high above $98.00 hours ago.
It is the second consecutive daily rise in prices, although it is still close to recent lows. The advance takes place in a climate of caution in the financial markets.
The support for oil has to do with certain adjustments on the supply side. In Libya, production is expected to increase, but for now it is not a reality. Added to this are the implications of the war in Ukraine, with the recent cutback in Russian gas shipments to Europe.
Fears about global growth place an important limit for the moment on any significant appreciation in crude oil prices. It is in this context that the FOMC meets. A rise of 75 basis points is expected on Wednesday.
Technical levels
Source: Fx Street
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