WTI crude oil futures are closing near low levels on the day. The settle price is at $112.40 which is down -$1.80 or -1.58%. The low for the day reached $112.25. The high reached $115.56.
Powell speaks to slowing demand. If supply is the problem (supply of labor, supply of housing, supply of oil, supply chain in other goods), then attack demand. Higher inflation, higher oil, higher real estate prices slows demand. Higher rates slow demand. The hope is the consumer respond..
The crude oil moved above the topside trend line near $110.00 yesterday and the high from May at $111.37. Those are now support targets on dips. If broken, they tilt the bias more to the downside.