WTI Price Analysis: Awaits acceptance above 21-DMA on the road to recovery Oil WTI Commodities Technical Analysis DollarIndex
Weaker US dollar, lower inventories offer support to the US oil.WTI is looking to extend the rebound above the $103 mark, having found strong bids below the $102 region.comes after the black gold tumbled roughly 5% on global growth concerns, which stoked fears over the demand for oil and its product. The International Monetary Fund cut the 2022 global growth forecast by nearly 1 percentage point on Tuesday.
Further, oil price also finds support from the gradual reopening of Shanghai city from the covid lockdown. Meanwhile, a broad-based retreat in the US dollar also remains one of the key reasons behind the rebound in the USD-sensitive oil.
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