WTI recovers to $ 75.70 after China’s request to secure supplies

• WTI futures bounce to $ 75.70 thanks to China’s willingness to secure supply.
• Crude oil futures turn positive on daily charts.
• Oil prices lost ground following an unexpected rise in US inventories.

WTI futures The first month have shrugged off the negative tone seen today to jump almost 3% during the US trading session on Thursday. Reports that China has prioritized securing oil supplies for this winter have led to a spike in oil prices.

Crude oil resumes uptrend as China orders stockpiling supplies

Oil prices have recovered more than $ 2 in less than an hour, erasing initial losses and turning positive on daily charts following reports of China’s intentions to secure supplies at all costs, concerned about the possibility of a shortage. of energy.

A Bloomberg report claims Vice Premier Han Zheng, who is responsible for the nation’s energy sector and industrial production. ordered major Chinese state-owned companies to guarantee oil supplies at an emergency meeting earlier this week.

US crude oil futures fell approximately 2.3% on the day, following an unexpected rise in US inventories. The Energy Information Administration reported a 4.6 million barrel increase in the week of September 24 against market expectations of a 2.33 million barrel draw.

Technical levels