Feb 17, 2021 19:47 GMTFXStreet News
WTI has recovered from a brief dip as low as $59.50 and is moving back towards $61.00.
Crude oil traders continue to focus on weather-related output disruptions in the US and on OPEC+ commentary.
Front-month futures contracts for the American benchmark for sweet light crude oil, West Texas Intermediary (or WTI), momentarily fell back as low as the $59.50 mark on Wednesday. Amid a lack of catalysts, crude oil markets had experienced a sharp sell-off at the start of CME pit trading hours (14:00GMT). However, as has happened now three times in the past 36 hours, dip buyers came rushing in to clinch a bargain and has successfully pushed WTI back above the $60.00 level again and on towards the $61.00 level again.
WTI has reversed earlier declines to as low as the $57.25 per barrel to trade back above the $58.00 level. Crude oil markets are largely flat on the day
Feb 2, 2021 23:32 GMTFXStreet News
Crude oil prices rallied to their highest levels in over a year on Tuesday, with WTI surpassing $55.00.
Bullish inventories spurred upside into the Tuesday futures market close.
Crude oil prices rallied to their highest levels in over a year on Tuesday. Front-month futures for West Texas Intermediary (WTI) rallied from the mid-$53.00s to above $55.00 per barrel for the first time since January 2020, prior to the global spread of the Covid-19 virus, closing the session with gains of $1.51 or nearly 3%. Brent also saw daily gains of around $1.50, hitting the $58.00 mark for the first time in a year. As usual, futures trading has now paused until the Wednesday reopen at 23:00GMT.
2/1/2021 9:00:46 PM GMT | By Joel Frank
WTI is coming close to testing the top of its recent range just under $54.00.
Various bullish factors including bad US weather, OPEC compliance and stimulus hopes are helping crude oil markets on Monday.
Various bullish fundamental catalysts have put crude oil markets on the front foot on Monday and front-month futures contracts for West Texas Intermediary (WTI), the American benchmark for sweet light crude oil, has come within a whisker of recent highs set earlier on in the month of just below the $54.00 level. WTI has so far topped out at $53.71 on Monday, with the bulls targeting a break above 14 and 20 January highs at $53.81 and the 13 January (and 2021) high at $53.90 so that the bullish trend that dominated throughout Q4 and early January can reassert itself.
Dec 24, 2020 00:02 GMTFXStreet News
WTI is consolidating just to the north of the $48.00 level having made decent gains on Wednesday.
Positive demand-side factors drove the move higher.
Front-month WTI futures posted solid gains on Wednesday amid a broadly improved appetite for risk. The US benchmark for sweet light crude (West Texas Intermediary or WTI) closed out the session with gains of more than 2.2% or around $1.0, with prices recovering nicely from overnight lows under the $46.50 level to back above the $48.00 mark.
Bullish crude oil factors…
A few factors helped spur demand for crude oil on Wednesday; 1) its looks as though the EU and UK are on the cusp of reaching a deal on their future trading relationship, reducing the risk of an economically damaging WTO end to the transition period and triggering a broad risk-on move that benefitted crude 2) USD was broadly softer, with the Dollar Index (DXY) falling back to the 90.30s from highs around 90.70 on Tuesday (crude o