WTI futures eye biggest weekly gain since April

Futures tied to WTI crude oil are on track for their best week since mid-April, surging nearly 12%.

That rebound has fresh implications for bitcoin.

The cryptocurrency recently climbed to a three-week high above $62,000 after softer-than-expected July inflation data eased fears of near-term Fed rate hikes. Those cooler inflation numbers were largely thanks to last month’s oil price drop. But that data is now starting to look stale.

With oil roaring higher again, inflation worries could quickly return, potentially dragging BTC lower. The cryptocurrency has already given back some ground and is trading below $64,000.