- Oil prices advance after inventory data and rise in stock markets.
- Dollar weakness also helps the rise.
- WTI barrel in the area of $78.00.
The prices of Petroleum they continue with an upward trend in the short term and climb more than 2% on Wednesday, accompanying the advance of the variable income markets. The expectation for the Chinese demand grows.
The WTI barrel reached the $78.00 area, levels not seen since December 5. In this way, it extends the recovery after having fallen days ago to lows in a year close to $70.00.
The advance on Wednesday is driven by some optimism in the equity markets that is reflected in a rise in the futures of the Wall Street indexes of more than 0.60%. In turn, the dollar has lost strength, and the DXY erased gains; it is below 104.00 and begins to look at the lows for the month.
On Tuesday API reported a drop in crude inventories of 3.06 million barrels for the week ending December 16. Today will be the turn of the data from the Energy Information Administration.
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.
