WTI crude oil buyers seek acceptance near $78.50 as demand hopes join cautious markets – by anilpanchal7 Oil WTI RiskAppetite China Commodities
Demand hopes from China jostle with market’s indecision ahead of the key data/events and prod Oil buyers.WTI crude oil retreats to $78.60 during early Tuesday, fading a two-day recovery from the early month low, as the blackbuyers seek more clues to extend the latest run-up amid a sluggish start to the key week. Even so, the demand hopes and softer US Dollar keep the commodity buyers positive.
The energy benchmark rose in the last two consecutive days as it consolidates the biggest weekly loss since early March amid expectations of higher demand from China, especially amid the upcoming May Day holidays. Adding strength to the bullish bias could be the statements from Reuters saying, “Bookings in China for trips abroad during the upcoming May Day holiday point to a continued recovery in travel to Asian countries, but the numbers remain far off pre-COVID-19 levels with long-haul airfares soaring and not enough flights available.”
Furthermore, the US Dollar’s downbeat performance in the last three consecutive days also keeps the WTI crude oil buyers hopeful. That said, the greenback seems to bear the burden of the market’s dovish expectations from the US Federal Reserve past the next month’s already priced-in 0.25% rate hike.
Elsewhere, geopolitical fears surrounding Russia, due to China’s alleged support to Moscow in fighting with Ukraine, as well as amid the Western readiness to increase sanctions on the Oil-rich nation, also allow the WTI crude oil buyers to remain hopeful.and the market’s consolidation of an upbeat week start, as well as the latest rush towards the US one-month US Treasury bonds amid fears of US default, seem to prod the Oil buyers.
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