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Crude Oil Price Outlook: WTI Peels Back from Year-to-Date Highs
2021-05-05 22:25:00
Rich Dvorak,
Analyst
CRUDE OIL FORECAST: WTI PRICES STRUGGLING AS COVID-19 RAGES ACROSS INDIA
WTIcrude oil appears to be facing some pushback near $66.25 and year-to-date highs
Crude oil prices may struggle to sustain upward momentum as India grapples with covid
The commodity could stay supported more broadly amid economic reopening elsewhere
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Crude oil price action pushed higher early on during Wednesday trade, but the commodity has since turned lower as the session progressed. A larger-than-expected decline in crude oil inventories reported this morning may have helped fueled the bid. With the dire state of affairs in India due to covid-19, however, WTI prices seem to be facing headwinds. Even though the world’s third largest oil importer has fought off calls for a government-mandated lockdown to help reign in the worsening pandemic, economic activity is more than likely to s