WTI Crude Oil Trades Bullish as Markets Hope For Recovery in Oil Demand
WTI crude oil is exhibiting slight signs of bullishness in early trading on Tuesday, supported by rising hopes that more stimulus measures
WTI crude oil is exhibiting slight signs of bullishness in early trading on Tuesday, supported by rising hopes that more stimulus measures could aid economic recovery and boost oil demand in the near future. At the time of writing, [[WTI] crude oil is trading at around $52.24 per barrel.
Despite the US markets remaining closed for a public holiday in the previous session, crude oil prices have strengthened as traders focused on upbeat economic data from China earlier in the day. The week got off to a positive start after China’s Q4 2020 GDP beat economists’ expectations and improved from the previous quarter’s reading, raising hopes that economic recovery in the world’s second largest economy could spur oil demand.
Oil prices have also been on the rise over the past few sessions after Saudi Arabia agreed to implement deeper supply cuts to offset any further weakness in the demand for oil. The decision was taken at the most recent OPEC+ meeting and allayed concerns that the latest round of lockdowns across the world could further weaken the demand for oil and send prices lower as a result.
Oil traders are also cautiously optimistic that President elect Joe Biden could roll out more fiscal stimulus that could boost fuel demand in the US. Biden’s inauguration speech on Wednesday could shed light on his plans and timeline for the $1.9 trillion package he proposed last week.
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