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Early Wednesday, analysts from the National Australia Bank (NAB) came out with their analysis on oil prices, shared by Reuters.

While their initial optimism relies on US President-elect Joe Biden’s $1.9 trillion fiscal stimulus, the International Energy Agency’s (IEA) cut in Q1 global demand by 58,000 barrels a day and Saudi Arabia’s 1 million barrels per day output cut are extra catalysts that put them convey the cautious optimism.

The NAB report additionally said, “The risk right now is around coronavirus lockdowns. We’ve seen some countries extending lockdowns.”

That said, WTI oil prices currently rise 0.67% intraday to $53.32 amid broad US dollar weakness.

Read: WTI Price Analysis: Keeps recovery moves from short-term EMAs to battle $53.00