WTI holds onto the recent gains near $82.40, up 0.05% intraday, during a quiet Asian session on Wednesday. The oil benchmark cheered the US dollar weakness and upbeat sentiment to ward off the bearish inventory levels published by industry sources the previous day. The latest moves, however, await the official stockpile data for further direction.
Oil headed for a seventh weekly gain, the longest run since December, as a global energy crunch roiled markets from Europe to Asia.
Brent Crude Rises: Shares of Asia Pacific oil producers and refiners advanced as crude prices continued to jump, on the back of OPEC+ agreeing to maintain gradual production increases.
Crude Oil MCX Tips Today: Oil is in uptrend but it’s getting close to historical resistance. Daily (D1) pattern configuration is a signal for a short trade.
Crude Oil Tips Today: Crude Oil prices climbed $1 on Wednesday after industry data showed a larger-than-expected drawdown in U.S. crude inventories and on expectations demand will rise as vaccination roll-outs widen.