WTI bounces up to highs near $84.00

WTI futures have bounced up to $82.50. the U. S. crude oil regained previous losses to return to levels near multi year highs at $83.95.

Crude prices remain within previous ranges, consolidating after a nine week surge, however, oil prices retreated earlier today as the German Chancellor, Angela Merkel, and Federal Reserve’s Chairman, Jerome Powell, warned about demand disruptions if coronavirus infections are likely to reemerge.

The surge of coronavirus cases registered in China and Russia also raised concerns that the pandemic might not be over yet.


The Baker Hughes report has shown the first decline in oil rigs in the last seven weeks. The amount of US rigs drilling for oil declined to 443 this week, from 445 on the previous one, while natural gas fell by one to 542, according to the report.