- Rebound in equity markets favors rise in oil prices.
- On Monday, reference prices hit their lowest since January.
- WTI barrel rises 1.50% on Tuesday, but remains close to the recent floor.
The prices of Petroleum they are rising on Tuesday, recovering after falling to their lowest since January the previous day. The rise is due to a rebound in financial markets, which also boosts raw materials.
Wall Street futures rise more than 1%, in Europe the main squares operate with gains and even sovereign bonds are rising on Tuesday. In this context, the value of a barrel of oil is favored, although the prevailing situation is one of fear that could make the rise unsustainable.
A barrel of WTI (trading platforms) fell to $77.25 on Monday, the lowest since early January, continuing a trend from June. The combination of a stronger dollar, risk aversion and a weak global growth outlook ahead are negative factors for the price of crude oil, which remain on the table.
The relief in the financial markets favors the rebound on Tuesday. If risk aversion returns, losses could return. The rebound for now looks moderate. WTI is at $77.90, whereas a week ago it was around $84.00.
API US inventory figures will be released on Tuesday.
Technical levels
Source: Fx Street
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