WTI bulls approach $78.00 as fears of higher Oil supplies jostle with China recovery hopes – by anilpanchal7 Oil WTI OPEC RussianFederation China
Strong China PMI data bolster upbeat expectations from the world’s largest commodity user.Fears of higher rates, inflation also keep a tab on energy benchmark ahead of US PMIs, official Oil inventories.
In doing so, the black gold marks another attempt to regain the $78.00 after the previous day’s pullback from a one-week high. It’s worth mentioning that talks of higher supplies from the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and allies led by Russia, despite binding to the output cut commitments, exert downside pressure on the black gold price. On the same line could be theshared via Bloomberg that says, “As many as 1.9 million barrels of Russian diesel-type fuel is currently in floating storage, the most since October 2020.
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