fxstreet.com 01 Feb, 2021 21:30 am

WTI eyes a break above key resistance just ahead of the $54.00 level

WTI eyes a break above key resistance just ahead of the $54.00 level
Various bullish fundamental catalysts have put crude oil markets on the front foot on Monday and front-month futures contracts for West Texas Intermed

Various bullish factors including bad US weather, OPEC compliance and stimulus hopes are helping crude oil markets on Monday.Various bullish fundamental catalysts have put crude oil markets on the front foot on Monday and front-month futures contracts for West Texas Intermediary (WTI), the American benchmark for sweet light crude oil, has come within a whisker of recent highs set earlier on in the month of just below the $54.Long-term crude oil market bulls who are looking for a rapid economic recovery later in the year to result in a rapid rebound in economic growth and crude oil demand will undoubtedly be targeting this level.Bad weather, drawdowns, OPEC compliance A number of factors are being cited as supportive for crude oil markets on Monday.

3M barrel drawdown in crude oil inventories at the Cushing, Oklahoma, delivery hub for crude oil futures, another 2.75M barrels of crude oil per day in January, up 160K from December.

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