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Crude Oil Prices Retreat in Asia as Demand Concerns Overweight Stimulus Hopes


Crude Oil Prices Retreat in Asia as Demand Concerns Overweight Stimulus Hopes
CRUDE OIL PRICE OUTLOOK:
WTI retreated from a 12-month high during APAC trade after gaining over 11% over the past 7 sessions
Markets have likely baked in reflation expectations and stimulus hopes, rendering prices vulnerable to a technical pullback
API revealed a larger-than-expected fall in US crude inventories, which may cushion downside potential
Crude oil prices retreated from recent highs during Wednesday’s APAC session as enthusiasm surrounding stimulus-backed reflation hopes cooled among oil traders. WTI has surged more than 11% over the last 7 trading sessions, now appearing to be technically overbought. The Biden Administration is pushing through a US$ 1.9 trillion fiscal stimulus plan that aims to revitalize growth and pull the economy out from the pandemic. This has raised prospects for the energy demand outlook as more households will receive stimulus payments to spend ....

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Crude Oil Prices Struggle to Hold Gains as Stimulus Enthusiasm Fades


Crude Oil Prices Struggle to Hold Gains as Stimulus Enthusiasm Fades
CRUDE OIL PRICE OUTLOOK:
WTI climbed half a percent on Tuesday as the House voted to increase stimulus checks to $2,000
A slight pullback in the US Dollar alongside favorable sentiment buoyed oil prices
Traders anticipate 1.7 million-barrel draw in stockpiles from EIA report to be released on Wednesday
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Crude oil prices regained some strength on Tuesday as the US Dollar retreated, but overall momentum remains weak from a technical perspective. Traders are eyeing a potentially larger stimulus check amount after the House of Representatives voted to raise pandemic relief payments to $2,000 from $ 600. The proposal is now pending Senate approval. ....

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