Invest in WTI Gain 50%

Invest in WTI Gain 50%

Invest in WTI Gain 50%

WTI price held onto gains near 1-month highs above $75 per barrel on Wednesday, as risk appetite remained robust, while traders continued to assess the threat of the omicron variant. Oil prices have clawed back losses from late November when news of the new variant first broke. The latest South African research showed that omicron infections can boost immunity against the delta variant and potentially displace it. Moreover, major economies including Britain and France held off from imposing more virus curbs before the year-end. On the supply side, an industry report showed that US crude inventories fell by 3.1 million barrels last week, less than market expectations. Traders also await the next OPEC+ meeting on Jan. 4, as the group is set to decide whether to go ahead with a planned 400,000 barrels per day production increase in February. Oil prices have gained more than 50% this year due to the return of demand and supply cuts by major oil-producing countries.

Technical Analysis:

WTI price held onto gains near 1-month highs above $75 per barrel on Wednesday, as risk appetite remained robust, while traders continued to assess the threat of the omicron variant. First support on a decline will be 73.57USD and first resistance to be tested is 76.36 USD.

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