- WTI goes quiet after closing the first two days of the week higher.
- Two oil terminals in Libya are closed due to bad weather.
- Eyes on the weekly report from the US Energy Information Administration.
Crude oil prices They rose during the first two days of the week, as the launch of the coronavirus vaccine and the optimism of the US stimulus allowed investors to continue to assess a steady recovery in global oil demand.
WTI rally stops on Wednesday
However, after advancing to its highest level since early March at $ 47.87, a barrel of West Texas Intermediate (WTI) has entered a consolidation phase and was last seen trading flat on the day at $ 47.56.
Earlier in the day, the media office of the Libyan National Petroleum Corporation (NOC) stated that the es-Sider and Zueitina oil terminals were closed on Wednesday due to bad weather, Reuters reported. This development appears to be helping WTI limit its downside for now.
During US business hours, the US Energy Information Administration (EIA) will release its weekly data on changes in crude oil stocks for the week ending December 11.
Meanwhile, investors will closely follow the headlines about the US stimulus talks. On Tuesday, Senate Majority Leader Mitch McConnell said progress had been made in negotiations with Democrats and urged all lawmakers to rally around a deal.
Technical levels
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