The Oil price rebounded on Thursday after four consecutive days of declinebuoyed by hopes that the relaxation of anti-COVID measures in China will revive demand and by signs that some tankers carrying Russian oil have suffered delays after the G7 price cap took effect.
China announced changes to its anti-COVID policy on Wednesday as at least 20 oil tankers experienced delays crossing into the Mediterranean from Russia’s Black Sea ports, Reuters reports.
The WTI recovered close to a dollar and a half from the almost a year low of $71.98 reached late Wednesday to the daily high of $73.44 tested in the early hours of Thursday. At this moment, the WTI is trading at $72.59, gaining 0.02% daily.
For his part, he Brent crude traced the same run, rising from $77.11 to today’s high of $78.54. At time of writing, it is showing flat on the day around $77.61.
WTI Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
