WTI crude futures rose!

WTI crude futures rose!

WTI crude futures rose!

USOIL - WTI

WTI crude futures rose above $113 per barrel on Wednesday after tumbling in the previous session, amid hopes of demand recovery in China as the country relaxes some of its strict Covid-19 restrictions. Shanghai achieved three straight days with no new Covid-19 cases outside quarantine zones on Tuesday, after announcing plans on Monday to end a lockdown that has lasted more than six weeks, with authorities saying “normal life” will resume on June 1. First support on further decline will be $109.11 and first resistance to be tested is $114.05 Level.

WTI crude futures rose above $113 per barrel on Wednesday after tumbling in the previous session, amid hopes of demand recovery in China as the country relaxes some of its strict Covid-19 restrictions. Shanghai achieved three straight days with no new Covid-19 cases outside quarantine zones on Tuesday, after announcing plans on Monday to end a lockdown that has lasted more than six weeks, with authorities saying “normal life” will resume on June 1. Elsewhere, industry figures from API showed US crude and gasoline stocks fell last week, supporting bullish sentiment. Meanwhile, oil prices are facing pressure following reports that the US is allowing Chevron Corp to negotiate oil licenses with Venezuela’s national producer, temporarily lifting a US ban on such discussions. Diplomats from the EU also pointed to a May 30-31 summit as the moment for agreement on a phased ban on Russian oil.

USOIL - WTI

Previous News

Week So Far 18.05.2022
18 May 2022 13:18

Week So Far 18.05.2022

Next News