Crude oil prices edge higher on Tuesday morning session. Brent oil is up at $54.05 by 7:00 AM GMT, and WTI at $52.35. Consumer confidence inches up with stimulus news, but on the other hand investors are also concerned about the fuel demand due to Covid-19 lockdowns, cooling the fuel consumption.
In addition, investors are positive about the oil demand in China with its data released yesterday showing an increase of 3% refinery output. However, they are also side-eyeing the slower and uneven distribution of vaccines not to mention lower supplies causing concerns in Europe and US.
Today’s WTI chart shows that the trading range is between $54.75 - $55.61, with a support of $51.40, resistance level of $55.00, and is likely to move down to $50.46.
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