- WTI retreats above $ 68 amid a recovery in risk appetite sentiment.
- The US dollar returns gains amid optimistic market sentiment.
- WTI operators move from API data to EIA publication.
The bulls of the WTI (Nymex futures) are back, fighting the $ 68.00 level amid a new wave of risk appetite that has gripped the European market.
At the time of writing, US oil is up 2.28% on the day to trade at $ 67.85, seeking to regain the $ 68.50 level.
After a setback the day before due to an unexpected increase in US crude reserves reported by the American Petroleum Institute (API), the WTI entered consolidated mode in the Asian session on Wednesday. But nevertheless, With the return of risk appetite, the upward movement continues ahead of the Energy Information Administration (EIA) US crude supplies report.
Late on Tuesday, the API reported that US crude stocks rose by 806,000 barrels for the week ending July 16 against expectations of a drop of about 4.5 million barrels.
Meanwhile, European stocks ignore the cautious mood observed during the Asian session and have moved higher amid strong earnings reports, raising sentiment around higher-yielding oil.
A pullback in the US dollar Following the sudden shift in risk sentiment it also bodes well for dollar-denominated crude prices.