fxstreet.com 22 Feb, 2021 15:45 am

WTI climbs to 2-day highs, approaches $61.00

WTI climbs to 2-day highs, approaches $61.00
Crude oil prices regain the smile at the beginning of the week and push the barrel of West Texas Intermediate back above the key barrier at $60.00. WT

Crude oil prices regain the smile at the beginning of the week and push the barrel of West Texas Intermediate back above the key barrier at $60.The uptick in crude oil prices comes amidst the persistent weakness hitting the dollar, while activity in Texas is expected to gradually return to normality following the recent extreme freezing weather conditions.Later in the week, the usual reports on US crude oil stockpiles by the API and the EIA are due on Tuesday and Wednesday, respectively.Increasing inflows into commodity-based ETFs have been supporting the rally in crude oil along with the persistent drop of US crude oil supplies and freezing weather conditions in Texas, all amidst the favourable context for riskier assets coupled with dollar weakness.

Key events in the crude oil space: OPEC+ meeting on March 4th.Eminent issues on the back boiler: Higher crude oil prices favour US shale growth.

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