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ICICI Direct Report
WTI Crude prices have rebounded recently and broken above 45 dollar as positive vaccine announcements in the U.S. prompted some short covering as prices fell sharply in the last month below 34 dollar on surging Coronavirus cases around the world.
Moreover, there are expectations that Opec plus nations will hold on to production cuts for the longer term as fuel demand continues to remain a major concern due to renewed lockdowns and travel restrictions in the Europe, which is badly suffering from a second wave of Coronavirus infections.
However, prolonged supply cuts from Opec+ nations will likely support prices in the near term.
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