WTI Crude Oil Makes Gains for Second Consecutive Day
Arslan Butt • 1 min read
WTI crude oil prices continue to trade bullish into the second consecutive day early on Wednesday over an improvement in sentiment as the growth in the number of coronavirus cases slows down. At the time of writing, WTI crude oil is trading around $50.59 per barrel.
Coronavirus cases in China rose at the slowest pace since January 31, lifting the mood in the markets. Crude oil prices have been weakening through the past few weeks as lockdowns in China have reduced oil consumption, with leading refiners reducing their processing by around 7% since last year.
The EIA has also revised global oil demand growth forecasts in the face of the outbreak, lowering it by 310k bpd. Crude oil prices are also enjoying support over recent reports that OPEC+ is considering additional curbs in crude production by 600k bpd.
Meanwhile, crude inventories in the US rose by 6 million barrels during the previous week, as revealed by the API report which released in the previous session.