WTI CRUDE OIL

U.S. West Texas Intermediate crude oil futures closed higher on Thursday in a lackluster, but two-sided trade. The market traded mostly lower early in the day on concerns about a new variant of COVID-19, but rebounded at the mid-session after a trade deal was reached between Britain and the European Union, bolstering the global economic outlook.Britain clinched a narrow Brexit trade deal with the European Union just seven days before it exits one of the world’s biggest trading blocs in its most significant global shift since the loss of empire. Crude oil traders are hoping the new agreement helps boost demand once the pandemic has ended and conditions return to normal
.What can we really say except that buyers are trying to validate the old adage that the technicals precede the fundamentals.
The hedge funds are long and the bullish speculators have been coming in on the sharp breaks,
while ignoring every attempt to kill this rally with headlines warning of lower demand due to the pandemic.