WTI Crude Oil Trades Upbeat as Markets Cheer Brexit Deal
WTI crude oil prices continue to trade bullish into Friday as financial markets cheered news about the post-Brexit trade deal finally being
WTI crude oil prices continue to trade bullish into Friday as financial markets cheered news about the post-Brexit trade deal finally being signed between Britain and the EU, just before the end of the transition period. At the time of writing, WTI crude oil is trading at around $48.28 per barrel.
The trade deal finally lets Britain depart from the EU without fears of a chaotic exit, and was signed after several months of negotiations and uncertainties. As a result of the trade agreement, Britain and the EU will not have to worry about tariffs and quotas on cross-border trade – a significant worry that businesses and consumers had until now.
Despite thin trading volumes ahead of the year-end holiday, crude oil prices also received a boost from the EIA report which indicated a drawdown in US crude inventories. According to the EIA, crude stockpiles in the US declined by 562k barrels, supporting the bullish sentiment driven by the Brexit deal.
However, there remains an air of caution in markets over the new strains of coronavirus that are reportedly more contagious. Despite the rollout of COVID-19 vaccines, the rapid spread of the pandemic has prompted governments to implement tighter lockdowns and restrictions.
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