Oil collapsed yesterday, despite inventories figures released by EIA showing a decline in stocks of almost 7 million of barrel. This morning, in the early trading, prices are trying to rebound, helped by some expectations for a further improvement in the relation between Washington and Beijing that could be supportive for oil.
Photo by Jannik Selz.
WTI is playing on the key level of $56, waiting for a new directionality. However, investors are now waiting for the ECB decision: Mario Draghi in his final meeting is expected to offer new stimulus to the markets and even lower rates, a mix of elements that could be appreciated by traders. Of course, if expectations are not met, we would see the reaction on the markets, with investors ready to recalibrate their positions.
