- WTI climbs from lows as Fed signals policy easing
- WTI prompt-month futures rose $0.43 to $59.13/Bbl early Wednesday (7:45 AM CT), rebounding from a five-month low
- Equities advanced after the Federal Reserve signaled it remains on track for another rate cut later this month, improving broader risk sentiment.
- “Oil is still strongly influenced by trade tensions and shifts in risk sentiment, but with equity markets in positive territory there is some modest support,” said UBS analyst Giovanni Staunovo
- Markets continue to monitor the US–China standoff, though conciliatory remarks from US Trade Representative Jamieson Greer suggested tensions may ease
- Adding pressure, the IEA said Tuesday that global oil supply exceeded demand in September, with output up 5.6 MMBbl/d y/y while demand grew only 750 MBbl/d, driving inventories to a four-year high in August
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