- Oil rises supported by news from China and weak dollar.
- WTI in the zone of maximums in six days, with an upward bias.
The prices of Petroleum are rising on Thursday, on a weaker dollar and rising equity markets. The consideration of the Chinese authorities to reduce the quarantine time for those who enter the country also contributes.
The Biden administration announced on Wednesday the release of 15 million barrels of oil from strategic reserves to alleviate the rise in the price of gasoline. Thus complete with 180 million barrels that had been announced in March. The authorities do not rule out the option of releasing more barrels. Wednesday also saw an unexpected drop in US oil inventories reported by EIA.
The barrel of WTI (trading platforms) is trading in the $86.00 area, after hitting highs of $86.13. It is up 1.70% so far this day and is up nearly 6% from Tuesday’s low. Should it assert itself above $86.00, further gains could be expected, while a drop below $84.90 could change the intraday bias from bullish to bearish.
Technical levels
Source: Fx Street
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