WTI Trades with Positive Bias Around Mid-$71.00s, Just Below One-Week Peak
US West Texas Intermediate (WTI) crude oil prices traded with a positive bias for the third straight day on Wednesday and hovered around the mid-$71.00s during the Asian session. The commodity remained close to a more than one-week high touched on Tuesday amid hopes for improving demand from China and geopolitical risks stemming from the ongoing conflict in the Middle East. Investors remain hopeful that China’s recently announced massive stimulus measures will spark a lasting recovery in the world’s second-largest economy and boost fuel consumption in the world’s largest crude importer. Moreover, there are concerns that a further escalation in the Middle East conflict could impact supplies in the major oil-producing region and tighten market balances in the months ahead. This has been a key factor supporting crude oil prices. (4.7%).(Cay)Source : Fxstreet