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West Texas Intermediate News Points :
West Texas Intermediate (WTI), futures on NYMEX, have shown a remarkable rebound near $81.63 in the Tokyo session as the easing of lockdown restrictions in China has injected adrenaline into oil bulls. Oil prices have recovered dramatically after correcting near the $80.00 support level.- West Texas Intermediate (WTI) rose to near $81.60 on the back of the Chinese economy and the easing of Covid-19 lockdowns.
- The US dollar fell significantly causing oil prices to strengthen.
- The OPEC+ organization has not announced new oil supply cuts until November 2023.
Cooperative buying in oil prices has been supported by the easing of Covid-19 restrictions in China after violent protests to reopen the economy.
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West Texas Intermediate - This has been reaffirmed on the projection of high demand for crude oil due to the reopening of the Chinese economy which previously limited human, material and machine activities. Chinese economic activities will begin to be prepared and will strengthen the demand for crude oil in the country as the world's largest oil buyer.Weakness in the US Dollar Index (DXY) also supported oil prices. The US Dollar Index fell to a five-month low and fell below 104.20 as risk appetite was boosted by market participants amid growing expectations of a slowdown in the pace of Fed rate hikes. In addition, a solid US labor market has created strong demand for crude oil.
On the oil supply side, OPEC+ has not announced any deeper production cuts since its meeting on December 4, other than an extension of its previous pledge to cut 2 million barrels of oil output per day until November next year. This has led to a correction in oil prices, but a stronger recovery supported by the easing of China's Zero-Covid policies has continued the upward trajectory for oil prices.
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