⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

WTI Crude Oil Trades Bullish as US to Approve Vaccine Soon

WTI Crude Oil Trades Bullish as US to Approve Vaccine Soon

Posted Thursday, December 10, 2020 by
Arslan Butt • 1 min read

WTI crude oil prices are climbing higher early on Thursday despite the EIA reporting an unexpected build in US crude inventories, as traders focus on the optimism surrounding the vaccine rollout in Britain and the possibility of US approving the vaccine soon. At the time of writing, WTI crude oil is trading at around $45.75 per barrel.

On Wednesday, the EIA reported a huge increase in US crude inventories over the past week, with a build of 15.2 million barrels. Economists had forecast a decline in crude stockpiles by 1.4 million barrels instead, and the increase highlighted worries about the impact of lockdowns and restriction on oil demand.

However, the risk-on sentiment in global markets continues to support crude oil prices, erasing worries of weakness in oil demand, as traders remain hopeful that the rollout of the vaccine can drive economic recovery. As economies begin to emerge out of the pandemic-driven downturn, the demand for oil could also pick up in the near future.

In addition to the market sentiment, crude oil prices also remained stronger over reports that wells in an oilfield in Iraq were subject to a terror attack. However, the government later confirmed that the attack did not hamper oil production.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments