- The WTI reached two-year highs at $ 67.81 after the attacks on the Saudi facilities.
- Attention geopolitical issues, Wall Street and inventory data.
The WTI (NYMEX futures) is in a corrective decline after having reached the Asian session to highs in more than two years at $ 67.81. The price just dropped below $ 66, and is below Friday’s close. Brent exceeded $ 70.
The spike at the start of the week came after reports that Yemen’s Houthi forces fired drones and missiles against Saudi Aramco facilities at Ras Tanura, which is vital to the Kingdom’s oil exports.
The optimistic tone around oil prices was also bolstered by the risky climate in the market after the US Senate passed the massive $ 1.9 trillion stimulus bill over the weekend. , which reinforced expectations of a faster economic recovery. The bill now returns to the House of Representatives, where it would be voted on Tuesday.
The U.S. Treasury yields they are rising, which generates some caution on Wall Street. The crude oil correction also occurred accompanying a decline in share prices.
In the past week, oil got the support of OPEC and its allies (OPEC +) on the decision to renew oil production cuts next month in the face of expectations of increased production. Markets ignored the unexpected rise in weekly US crude stocks, as it was primarily in response to the weather-driven Texas refinery shutdowns.
WTI: technical levels
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