- WTI bounces off $ 64.25 towards the $ 66 zone.
- Stock markets rebound after Monday’s fall and the dollar corrected lower.
After rising more than 7% last week, crude prices underwent a deep correction at the start of the week with a 2.4% drop in WTI. The price of a barrel bottomed on Tuesday at $ 64.25, the lowest level since Thursday before rebounding to $ 66.00.
WTI recovers alcyst impulse
The Crude oil recovery is accompanied by a moderate rise in the stock markets. In turn, US Treasury yields are falling to day lows, what is playing against the dollar and may be a supporting factor for crude.
Last week, the decision by the Organization of the Petroleum Exporting Countries and its allies to keep oil production stable through April fueled the latest oil rally.
Meanwhile, US Treasury Secretary Janet Yellen said Monday that the coronavirus aid package is expected to trigger a “very strong” economic rebound in the United States and reignited hopes for a steady recovery in demand. of energy.
Between Tuesday and Wednesday, the US House of Representatives vote on $ 1.9 trillion stimulus package after the Senate approved it last week.
In the American session on Tuesday, the American Petroleum Institute (API) will release its weekly crude oil stock report ahead of the crude oil stock change data from the US Energy Information Administration on Wednesday.
Technical levels
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