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Oil Rally Continues | Fed Minutes Support Cautious Stance
Published February 21, 2019
continue to march north, hitting their highest levels since late November
boosted by OPEC-led supply cuts, US-China trade talks optimism and US sanctions
on Venezuela and Iran. Markets will be closely watching the US crude oil
inventories data which is going to release later in the day. WTI crude prices
have hit a high of $57.61.
the January Federal Reserve reaffirmed that the central bank would be patient
with respect to further interest rate hikes. Officials said they expect to keep
rates steady for now but left room for hikes later if conditions improve.
St. Louis Fed
President James Bullard said the Federal Reserve is likely near the end of
interest rate hikes and the reduction of bond holdings program. Bullard added
that current interest rates are too high, however acknowledged that his view is
in the minority on the policy making FOMC.
Commission President Jean-Claude Juncker and British Prime Minister Theresa May
agreed to continue Brexit talks and meet again in February after what they
described as constructive talks in Brussels. PM May and EU’s Juncker discussed
guarantees that would underline Irish backstop is temporary, provide legal
assurance to both sides.