- Follow the strong rebound in oil prices.
- WTI is up more than 7% from Monday’s low.
- Expectations for an improvement in Chinese demand, plus a weak dollar, contribute to the rise.
The prices of Petroleum they bottomed out on Monday reaching 11-month lows and then began a recovery rally that is ongoing. From the floor, the barrel of ¨WTI rose more than 7% and is in the zone of maximums in two days.
The ptough from the barrel of WTI (trading platform) started to rise after falling to $73.60 and recently reached as high as $79.69, before pulling back slightly. In the run-up to the American session, it is approaching daily highs.
The announcement by the Chinese authorities to promote vaccination in those over 80 years of age, sowed expectations about a relaxation in the zero policy covid. This particularly boosted Asian markets and contributed to oil prices continuing to rise. It is estimated that an easing of the restrictions could improve the expectation of demand for crude oil.
Signs of a slowdown in global inflation plus recent statements by Federal Reserve officials are favoring Treasuries and putting downward pressure on the dollar which also helps oil prices.
Another focus of attention in the oil market is the meeting that is coming from the Organization of Petroleum Exporting Countries and allies (OPEC+) on December 4.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
