Oil Prices Decline as Hurricane “Peril” Risks Subside

Oil prices fell as the impact of Hurricane “Peril” on causing significant disruptions to oil infrastructure in Texas waned.

Topic

Oil

Yen

Dollar

Oil

The price of West Texas Intermediate crude dropped by over 1%,
trading at $81.85 per barrel after four consecutive weeks of gains.
Concerns that Hurricane “Peril” would disrupt oil operations in the Gulf of Mexico and Texas
had pushed futures up last week,
but narrowing product price margins indicate the storm was less disruptive to infrastructure than expected.

Yen

The Japanese yen fell before the Federal Reserve Chairman’s testimony.

The yen continued to move in the negative territory for the second consecutive day against the US dollar,
nearing its lowest level in 38 years, under the scrutiny of Japanese authorities.
Later today, the market awaits the first part of the semi-annual testimony by Federal Reserve Chairman Jerome Powell before the US Congress, expected to include new comments on the inflation battle in the US and the future of American interest rates.

Dollar

The dollar steadied ahead of Powell’s testimony.

The dollar index held around 105 as investors avoided making big bets ahead of Federal Reserve Chairman Jerome Powell’s testimony before Congress.
Markets also prepared for key US inflation data this week, which could shed light on the interest rate path.
However, the index remained close to its lowest level in over three weeks after losing nearly 1% last week as weak US economic data bolstered expectations that the Federal Reserve would need to cut interest rates soon.

Oil Prices Decline as Hurricane “Peril” Risks Subside

Oil Prices Decline as Hurricane &#8220;Peril&#8221; Risks Subside

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Oil Prices Decline as Hurricane “Peril” Risks Subside