WTI consolidates the upside above $48 amid a risk-on mood. Imminent Brexit deal optimism boosts risk, downs US dollar. X-mas eve light trading could trigger volatile moves. WTI (futures on NYMEX) is consolidating Wednesday’s 2% recovery rally from one-week lows of $46.16, now holding close to $48.50 levels. The black gold takes advantage of the upbeat market mood, as investors flock to higher-yielding assets such as oil, in anticipation of an imminent Brexit breakthrough. The appetite for riskier asserts is boding ill for the safe-haven US dollar, lending support to the USD-sensitive oil. With the coronavirus vaccine progress, markets expect a faster recovery in demand for oil and its products. The same is reflected by the draw in the US crude, gasoline and distillates inventories, which renders oil-positive. “US crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million barrels, the Energy Information Administration said on Wednesday,” Reuters reports. Looking ahead, markets will keep a close eye on the Brexit developments while supply disruptions in Nigeria will be assessed for fresh direction on the prices. WTI technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next PBOC Governor Yi: China needs to take a market-based monetary and regulatory approach FX Street 1 year WTI consolidates the upside above $48 amid a risk-on mood. Imminent Brexit deal optimism boosts risk, downs US dollar. X-mas eve light trading could trigger volatile moves. WTI (futures on NYMEX) is consolidating Wednesday’s 2% recovery rally from one-week lows of $46.16, now holding close to $48.50 levels. The black gold takes advantage of the upbeat market mood, as investors flock to higher-yielding assets such as oil, in anticipation of an imminent Brexit breakthrough. The appetite for riskier asserts is boding ill for the safe-haven US dollar, lending support to the USD-sensitive oil. With the coronavirus vaccine progress, markets expect… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
