WTI hits 3 month low as Chinas lockdowns continue
West Texas Intermediate (WTI) is under heavy pressure after breaking the critical support at $100.00 last week, falling further and refreshing a three-month low at $91.70.
Covid-19 re-emergence in China despite the government's Zero-Covid policy has caused market sentiment panic. The movement restrictions in the country are likely to have contributed to the downward pressure in price.
Looking ahead, the US inflation data release today is expected to have a crucial impact on oil prices.
Treasury Curve Inversion Deepens to Level Not Seen Since 2007
- 2-year Treasury dropped more than 2 basis points to trade at 3.045%
- 10-year Treasury dropped 2 basis points to 2.951%
- 30-year Treasury bond traded 2 basis points lower at 3.16%
