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WTI Crude Oil prices rise on spot demand

24/08/20211 min. read

The latest reports by economic analysts indicate that WTI Crude Oil prices rise on spot demand. In particular, we are reading that: 

 

 

Oil prices rebound after 7 days of losses. Technical analysts suggest: 

 

  •  U.S. West Texas Intermediate (WTI) crude oil prices had gained 34 cents, to $65.98 a barrel, up 0.5% intraday, during early Tuesday.

 

  • Oil prices increased on Tuesday after Pfizer Inc/BioNTech SE COVID-19 vaccine got full approval by the U.S. FDA.

 

  • WTI refreshes a 1-week high on crossing monthly resistance line, 50-SMA.

 

  •  In the meantime, many countries are dealing with the emerging infection rate of Covid-19 by establishing new restrictions in traveling, which is a key factor for energy prices.

 

  • China, the world's largest oil importer, demanded new restrictions, with a high impact on shipping and global supply chains.

 


(Sources: fxstreet.com / economictimes.indiatimes.com / cnbc.com)

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