fundamental News - OIL
Fresh bids emerged just above the 37 mark, allowing a bounce in WTI (futures on Nymex) back above 37.50.
At the press time, the US oil rises 1.66% to 37.89, having dived out of the consolidative range seen since the US last session.
The commodity is on track to conquer the 38 barrier, helped by the upbeat market mood on fresh optimism over the Chinese economic recovery. Oil bulls, especially, cheer the improvement in Chinese industrial sector activity, as the dragon nation is the world’s no.2 oil consumer.
Further, the risk-on market profile weighs down on the safe-haven US dollar, collaborating with the upside in the black gold. A weaker greenback makes the dollar-denominated oil cheaper for foreign buyers.
The strength in the WTI barrel can be also attributed to the latest alert issued by the National Hurricane Center (NHC), citing that hurricane Paulette has maintained its strength as it accelerates northeastward.