- WTI rebounds from levels below $95.00.
- Rises occur after a sharp drop due to the announcement of the release of reserves.
The oil prices are rising on Thursday, with gains close to $3. The rebound comes after falling to a three-week low hours ago.
WTI, for now just a bounce
the barrel of WTI rises 2.45% and trades at $97.90 on the platforms. Previously the price had fallen to $94.80, the lowest level since March 17.
The drops in the price of crude oil had occurred after the announcement of several nations about the use of their strategic reserves, in response to the rise in prices. Members of the International Energy Agency (IEA) agreed to release 60 million barrels on Wednesday, beyond the 180 million announced last week.
Stocks trade on mixed terrain on Thursday. With equity markets under pressure after signs of a stronger than expected tightening by the Federal Reserve. Traders remain attentive to what is happening in Ukraine and the new sanctions against Russia.
Technical levels
Source: Fx Street
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