USOIL chart - Trading View
WTI Crude oil prices retrace above the $65/barrel mark, pause 3 straight session's of weakness.
Oil prices are likely extending the previous session's rebound from multi-day lows, but gains look limited.
Safety concerns that stalled vaccine rollouts in Europe dent hopes of a faster recovery and hence weigh on fuel demand.
Markets brush aside a bullish API report, which showed an unexpected fall in the US crude inventories, crude closed 0.60% lower on Tuesday.
American Petroleum Institute (API) report overnight showed US oil inventories unexpectedly fell by 1 million barrels last week as against consensus estimates pointing to a 2.715 million barrel build in stocks.
Underlying bullish sentiment surrounding the US dollar and the upcoming FOMC meet keep investors from placing aggressive bets.
Technical bias is bullish. Bearish divergence is causing minor pullbacks. Bias to remains bullish as long as pair holds above 21-EMA.
