Daily market commentary: The greenback retreats from almost two-year high as the markets digest the release of US inflation data

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="float: left; margin-right: 5px;" link_thumbnail="" loading="lazy" srcset="https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><h2>Oil</h2>
<p>WTI crude oil prices hedged down during early Thursday trading, following the release of US stocks, which read above expectations. The market was less active than usual, due to the long weekend in Europe, America and most of Asia, with the reduction in the number of active buyers also contributing to the easing in prices. However, the outlook for the price of the barrel remains very much tilted to the upside – demand remains amidst tight supply, with the IEA warning on Wednesday that up to 3 million barrels a day of Russian oil may be withdrawn from the market in May, due to sanctions. Against such background, there may be scope for further price rises in the weeks ahead.</p>
<p><img class="alignnone size-full wp-image-444702" src="https://www.leaprate.com/wp-content/uploads/2022/04/oil1.png" alt="" width="1458" height="822" srcset="https://www.leaprate.com/wp-content/uploads/2022/04/oil1.png 1458w, https://www.leaprate.com/wp-content/uploads/2022/04/oil1-250×141.png 250w, https://www.leaprate.com/wp-content/uploads/2022/04/oil1-700×395.png 700w, https://www.leaprate.com/wp-content/uploads/2022/04/oil1-768×433.png 768w, https://www.leaprate.com/wp-content/uploads/2022/04/oil1-120×68.png 120w, https://www.leaprate.com/wp-content/uploads/2022/04/oil1-245×138.png 245w, https://www.leaprate.com/wp-content/uploads/2022/04/oil1-500×282.png 500w" sizes="(max-width: 1458px) 100vw, 1458px" /></p>
<p><em>Ricardo Evangelista – Senior Analyst, ActivTrades</em></p>
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<p><em>Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.</em></p>
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