Crude oil markets trade higher on Wednesday, having so far shrugged off nerves being observed in US equity markets. WTI has been picking up following an
Crude oil markets avoided the sell-off seen in equity and bond markets on Thursday. Focus remains on positive demand-side fundamentals, though will shift
Feb 26, 2021 18:32 GMTFXStreet News
WTI is lower on the final trading day of the month amid a stronger USD, but remains support above $62.00.
It’s been a good month for crude oil markets, mainly driven by demand outlook optimism.
A buoyant US dollar into the month-end is weighing on USD-priced crude oil markets on the final trading day of the week. On the day, front-month futures contracts for the American benchmark for sweet light crude, called West Texas Intermediary or WTI, have slipped more than $1.0 and back into the low $62.00s, though have remained supported above the $62.00 mark. At current levels around $62.25, WTI trades a little more than $1.50 off Thursday’s cycle highs of just shy of the $64.00 mark, so Friday’s selling will not be looked at as anything more than a normal technical correction.