Us inflation is rising and oil prices are falling

Oil prices fell early Tuesday after a report that U.S. inflation was higher than expected reduced the chances of a U.S. interest rate cut. At the same time, Opec maintained its optimistic forecast for oil demand in 2024.

West Texas Intermediate (wti) for June delivery fell $0.47 to $78.65. Brent crude, the international standard for July delivery, fell 46 cents to 82.90 dollars.

The Bureau of Labor Statistics announced that the producer price index (PPI) rose 0.5 percent in April from March, up from 0.3 percent in the previous month and above the 0.3 percent forecast. Core PPI, which excludes food and energy, rose 0.4%, beating last month's 0.2% and expectations for 0.2%.

The data showed that US prices continued to rise above the Federal Reserve's 2 per cent target, reducing the chances of the central bank cutting interest rates from their current 23-year high before the end of the year. The US consumer price index for April, due on Wednesday, is expected to slow to 3.4 per cent from 3.5 per cent in March.

As we mentioned in our previous thoughts, the price has fallen and is still trading in the bearish zone, reaching 75.35.
Therefore, the bearish trend will continue as long as it trades below 78.78 in the direction of 76.60 and 75.35

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