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Fed will not ignore higher oil prices as Brent hits another new 2023 high

The move higher in oil prices has extended even more now today. The price of November Brent crude has now risen to yet another new 2023 high, just now lifting to $95.95. The move higher continues to endorse what has been a pretty dynamic trend higher, since Saudi Arabia and Russia decided to curb their output levels. The markets are still playing this supply side shortage dynamic and that will not please the Fed. It will not please the BOE most likely either, as of course further fuel price rises will re-stoke inflation again. So, given that fact, which is indisputable, that might cause a surprise from either over the next 48 hours. We shall see on that but the tea leaves are ringing alarm bells for both. November Brent is just now trading at $95.88

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