- WTI rises to new seven-year highs above the $ 81 mark in early European trading hours.
- The decline in the US dollar helps crude to gain ground.
- Oil obtained a weekly gain of more than 3% due to the rise in gas prices.
Crude oil continues to rise and is on track to rise around 3% weekly. The price is spreading the gains from August 20. At the time of writing, WTI is trading at 81.54, up 0.74% on the day.
Crude prices are rising amid supply-side concerns and rising demand for fuel due to falling US crude reserves. The rebound in prices was particularly marked by high demand and shortages for gas and coal in Europe and Asia-Pacific. In addition, the Energy Information Administration (EIA) said that production in the United States will fall in 2021 more than expected, although it will recover in 2022.
The US Dollar Index (DXY), which indicates the performance of the greenback against six major rivals, pushes WTI higher in European trade. The US dollar last traded at 93.93, falling 0.03% on the day.
For now, the dynamics of the US dollar and supply-demand restrictions continue to influence WTI prices.
Technical Levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
