Crude oil prices are set to end the week at lows following significant choppiness over the past few sessions. Front-month futures contracts for the American benchmark for sweet light crude oil, West Texas Intermediary of WTI, are down about $1.0 (over 1.0%) on the day, though have for now remained supported to the north of the $80.00 level. That marks a near $5.0 reversal from earlier weekly highs close to $85.00. On the week, WTI is set to close lower by about 0.75%. Much of the downside took place on Wednesday after the hotter than expected US Consumer Price Inflation report triggered speculation that 1) the Fed would start hiking interest rates early, thus weighing on US growth in 2022 and beyond and 2) that the Biden administration might release crude oil reserves in order to (attempt to) lower energy prices and thus ease inflationary pressures being felt across the US economy.
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I feel a bit overstretched in terms of when Iām in too but I could make time for this