WTI OIL RECOVERS ON REVIVAL OF 50 BPS FED CUT BETS AND HURRICANE FRANCINE
- WTI Oil is rebounding off four-month lows on renewed expectations the Fed may cut interest rates by 50 bps.
- Supply closures from Hurricane Francine which is ravaging the Gulf of Mexico are another bullish factor.
- WTI is forming short-term bullish reversal patterns on the daily and weekly charts.
West Texas Intermediate (WTI) crude Oil price is trading around the $69 per barrel level on Friday, as it rebounds from the over four-month lows posted on Tuesday.
If Friday ends positively it will complete three up days in a row for WTI Oil – a bullish reversal pattern known as a Three White Soldiers by market technicians. On the weekly chart a bullish Hammer candlestick pattern also looks to be forming, which if it completes further suggests the possibility of a short-term recovery rally unfolding.
Oil is rebounding on a mixture of a revival of hopes for a larger 50 bps (0.50%) cut in interest rates by the US Federal Reserve (Fed) at their up-and-coming meeting on September 17-18, and expectations of large mortgage rate cuts in China.
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