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WTI Crude Oil Retreats Despite a Drop in US Inventories as the Dollar Rises Ahead of the Fed Rate Decision

Thursday, 21 March 2024 01:52 WIB Minyak WTI Minyak WTI

West Texas Intermediate (WTI) crude oil closed lower, retreating from a five-month high on Wednesday even as a report showed a drop in US inventories as the dollar rose ahead of the end of the two-day meeting of the Federal Reserve's policy committee. WTI crude oil for April delivery closed down US$1.79 to settle at US$81.68 per barrel, while May Brent oil, the global benchmark, was last seen down US$1.49 to US$85.89. Prices had been strengthening in recent days, breaking out of a range the commodity had been stuck in for months after the International Energy Agency last week raised its 2024 demand forecasts amid OPEC+'s 2.2-million barrels per day of voluntary cuts, with the agency...

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