WTI drops back on the Fed's hawkishness, however remains in bullish territory

WTI has dropped back as the dollar ripped on the Fed's hawkishness and stocks dropped, breaking consecutive days of gains as fears of a more aggressive Fed in 2017 took a hold in respect of a higher dollar and rates that could be problematic for multinational corporations.

US dollar index hits 13-year highs after Fed rises rates

WTI has made recent highs through the $54 handle, spurred by OPEc and non-OPEC nations and an accord to cut output, but today's event has seen the price of WTI drop to $50.52 so far. However, with the DXY rallying to 13 year highs, will the market continue on without a pause and consolidation give the uncertainties that still lie ahead and risks for the US economy with such headwinds as the European political environment next year? Oil remains in a bullish trend broadly speaking having broken a key technical level and daily resistance through $52.00 and $60.00 is in sight, especially in consolidation and pull back in the greenback. We will continue to monitor developments with OPEC and Saudi Arabia's currency peg to the dollar.