Oil: WTI reverses trend and rises from lows in almost a year

• After falling 2%, oil prices turn to positive territory on Wednesday.
• WTI barrel returns above $75.00 after being below $73.00.

Oil prices are experiencing a big rebound in the last few hours, erasing losses of more than 2% and moving into positive territory for the day. The WTI barrel of losing more than 2% rises more than 1%. The jump in price does not have a clear factor behind it.

Hours ago, the WTI barrel fell to $72.77, reaching the lowest level since the second half of December 2021. After this, it managed to stabilize and in the last hour it accelerated upwards, at the same time that the dollar lost strength in the market and before a slight recovery in Wall Street futures.

The price climbed to $75.36, and remains near the highs, up 1%. The rise for the moment only allows him to recover a small part of the losses of the last three days.

Hours ago, the price did not find support even after the news from China, of a relaxation in the measures to control COVID. The market paid more attention to the figures below China’s foreign trade expectations, which even seem to have motivated the authorities’ decision on the restrictions.

technical levels