fxstreet.com 16 Feb, 2021 14:45 am

WTI weaker, drops below the $60.00 mark

WTI weaker, drops below the $60.00 mark
Prices of the WTI grind lower to the sub-$60.00 region on Tuesday following recent YTD peaks. WTI corrects lower from multi-month tops After surpassin

The knee-jerk in crude oil prices comes despite the unexpected cold weather in the US - particularly Texas - forced refineries to halt their normal activity in past hours.Later in the week, the API and the EIA will publish their report on US crude oil supplies on Wednesday and Thursday, respectively, followed by Baker Hughes’ report on the US drilling activity on Friday.What to look for around WTI Prices of the American reference for the sweet light crude oil (finally) trade in multi-month peaks above the $60.Increasing inflows into commodity-based ETFs have been supporting the rally in crude oil along with the persistent drop of US crude oil supplies, all amidst the favourable context for riskier assets coupled with dollar weakness.

Eminent issues on the back boiler: Higher crude oil prices favour US shale growth.Prices of the WTI slip back below the $60.

Read full story at fxstreet.com