- WTI pushes higher after losing more than 1% on Monday.
- Investors remain optimistic about a steady recovery in energy demand.
- OPEC + is expected to increase production at next week’s meeting.
Crude prices fell on Monday and the barrel of West Texas Intermediate (WTI) it lost 1.27% to close at $ 47.67. However, the risky environment in the market helped WTI, last seen up 1.1% to $ 48.17, gain traction on Tuesday.
Focus shifts to OPEC + meeting
Investors remain optimistic about a steady recovery in global energy demand heading into the new year amid the launch of the coronavirus vaccine and the US stimulus agreement. On Monday, Russian Energy Minister Alexander Novak said they expect to see additional oil demand of 5 to 6 million barrels per day (bpd) in 2021.
Meanwhile, OPEC and non-OPEC producers, the group known as OPEC +, will meet on January 4 to reevaluate production strategy. Russia advocates a 500,000 bpd increase in production in both January and February, suggesting that oil gains could remain limited in the first months of 2021.
Later in the day, the American Petroleum Institute (API) Weekly Crude Oil Stock Report will be considered for a new boost.
Technical levels
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