WTI trades with positive bias around mid-$71.00s, just below over one-week top
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WTI holds steady amid hopes for a demand recovery in China and Middle East tensions. A larger-than-expected rise in US crude stock caps the commodity amid a bullish USD. Traders now look forward to the official US inventory data for short-term opportunities. West Texas Intermediate (WTI) US Crude Oil prices trade with a positive bias for the third successive day on Wednesday and placed around mid-$71.00s during the Asian session. The commodity remains close to over a one-week high touched on Tuesday amid hopes for improving demand from China and geopolitical risks stemming from the ongoing conflicts in the Middle East. Investors remain hopeful that China’s massive stimulus measures announced recently will ignite a lasting recovery in the world’s second-largest economy and boost fuel consumption in the world’s largest crude-importing nation. Moreover, concerns that a further escalation in the Middle East conflict could impact supply in the key oil-producing region and tighten market balances in the months ahead. This turns out to be key factors lending support to Crude Oil prices. Meanwhile, industry data published by the American Petroleum Institute (API) on Tuesday US crude stocks rose more-than-expected, by 1.64 million barrels last week. Apart from this, the ongoing US Dollar (USD) rally to its highest level since early August, bolstered by bets for smaller interest rate cuts by the Federal Reserve (Fed), is holding back bullish traders from placing fresh bets and keeping a lid on any further appreciating move for Crude Oil prices. Market participants now look forward to the Official US government oil inventory data for a fresh impetus later this Wednesday. Apart from this, fresh geopolitical developments and the USD price dynamics should contribute to producing short-term trading opportunities around Crude Oil prices. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on…
Filed under: News - @ October 23, 2024 3:25 am