- WTI rises again on Tuesday, extending the positive tone.
- The improving outlook for demand is helping prices.
A barrel of WTI (West Texas Intermediate) rose more than 1% on Monday, driven by economic data from the Eurozone and the US and by the weakness of the dollar. On Tuesday, the advance continues despite the recovery of the dollar, supported by a certain appetite for risk and positive expectations about the economy.
Demand dynamics continue to drive oil prices
With major U.S. states continuing to outgrow coronavirus-related restrictions and Europe doing the same, the outlook for economic activity improves, helping oil prices continue to climb. At the time of writing, WTI is trading at a high since mid-March at $ 65.65, climbing 1.8% on the day.
The negative aspect is the growth of coronavirus cases in the India. According to OCBC analysts, this is one of the main downside risks at the moment for oil.
Later in the day, the weekly crude oil stock report from the American Petroleum Institute (API) will be released.
Technical levels
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