- WTI bulls prepare for the next push to the upside.
- Cautious optimism lingers amid US stimulus hopes.
- US oil is driven by Russia’s intention to extend supply cuts.
WTI (NYMEX futures) remains at the $ 40.50 level amid consolidation mode following a pullback from Thursday’s recovery rally to 41.01.
US oil remains buttressed amid better market sentiment as the final debate on the presidential election came to an end. He enfrentamiento Trump-Biden It was much better and informative than the first debate, which has been received as a lift in risk sentiment, while progress in the US fiscal stimulus talks continues to support that sentiment as well.
Black gold is clinging to previous recovery gains as comments from Russian President Vladimir Putin continue to support sentiment. Putin said he would be prepared to extend oil production cuts if markets justify it amid the coronavirus pandemic.
Meanwhile, the weekly reduction in US crude inventories from the Energy Information Administration (EIA) on Wednesday also contributes to the optimistic tone observed around the WTI barrel. The US crude stocks fell by 1 million barrels during the week ending October 16 after a 3.8 million barrel drop seen a week ago.
Looking ahead, developments related to US fiscal stimulus aid and sentiment on Wall Street will be closely watched ahead of Baker Hughes’ weekly US rig count data.
Credits: Forex Street
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