WTI Trading Higher

WTI Trading Higher

WTI Trading Higher

WTI crude prices rose nearly 1% to around $105 per barrel on Wednesday, erasing losses from the previous session, after an API report showed US crude stocks fell by 3 million barrels last week, triple the decline expected by analysts. The recent recovery in oil prices also came despite signs of progress in ongoing ceasefire talks, after Russia promised to scale down military operations around Kyiv and another city. Analysts suggested that oil markets may be signaling a strong degree of skepticism about any progress. Moreover, major oil producers are unlikely to boost output above their agreed 400,000 barrels per day ahead of an OPEC+ meeting on Thursday. Saudi Arabia and the UAE said the group would not look to take action against Russia for its invasion of Ukraine, as the organization exists to stabilize markets and not to engage in politics.

 

USOIL:

First support on further decline will be $105.33 and first resistance to be tested is $114.50 Level.

 

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