Crude oil rose marginally on Wednesday morning amid a stronger-than-expected decline in US crude inventories and hopes for a new bailout package that could boost fuel demand.
Crude oil supply data released on Tuesday by the American Petroleum Institute (API) showed that for the week ending December 25, inventories increased by 4.785 million barrels, more than expected today in the EIA report. According to experts' forecasts, reserves should fall by almost 2.6 million barrels.
An additional factor of support for oil and other commodity assets in recent days is the dynamics of the dollar exchange rate. The American currency is declining after Donald Trump signed a law on new measures to stimulate economic growth amid the coronavirus pandemic. Treasury Secretary Stephen Mnuchin said the $ 600 stimulus payments have already started on Tuesday evening.
Senate Majority Leader Mitch McConnell yesterday blocked Trump's $ 2,000 stimulus initiative, but the bill could be considered later.
The market was restrained by news of the discovery in the United States of the first case of infection with a new strain of the COVID-19 B117 virus.
The situation on the chart has not changed. The price continues to consolidate around the 48.00 level. Today the flat movement can be continued.
The main scenario is consolidation around the 48.00 level.
An alternative scenario is growth to 50.00.
The current fundamental outlook is neutral. We consider longs with very moderate risks from the level of 47.60.
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