Western Texas Intermediate (WTI), the US crude oil benchmark, registers gains of more than1.50%, as hurricane Idalia is set to hit Florida this week.
That, alongside a frail US Dollar , was a tailwind for oil prices, which jumped above $80.00 a barrel on Tuesday. WTI is trading at $81.28 after hitting a daily low of $79.39.Worse than expected economic data in the jobs market weakened the greenback, which fell below the 104.000 mark, as shown by the. The DXY, which measures a basket of six currencies against a basket of peers, registers losses of 0.56%, down at 103.477, as of writing.
The US JOLTs report for July showed that job openings tumbled below estimates and the previous month’s reading, suggesting the labor market is cooling and it might help the US Federal Reserve to curb high inflation without further increases in the Federal Funds Rate . That, alongside decaying consumer confidence announced by the Conference Board , pressured the US Dollar.
In the meantime, Hurricane Idalia was forecast to reach level 3 with winds of at least 111 mph before touching ground in the early hours of Wednesday. According to Reuters, Idalia would likely impact fuel distribution systems and hit fuel consumption just ahead of the Labor Day holiday on September 4.
Even though is not expected to hit oil platforms, some major companies evacuated staff. Data from the American Petroleum Institute showed US crude oil inventories fell by 11.5 million barrels in the week of August 25, well above estimates of 3.3 million.From a technical perspective, WTI remains upward biased after a golden cross formed on August 22, suggesting thatare set to advance. Crude oil is trading at six-day highs, with buyers eyeing $82.
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