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Builds On Yesterday's Gains


Positive risk sentiment has seen oil rise in Asia-Pac trade; WTI last up $0.38 at $53.56, brent up $0.40 at $56.30. Oil has built on gains made during the session on Tuesday as USD ticks lower, with further supported offered by testimony from US Tsy Sec nominee Yellen that sparked hopes of sizable fiscal stimulus.

  • Upside was limited by forecasts from the IEA that predicted global oil demand will be negatively impacted as the pandemic forces national governments to impose lockdowns. The IEA trimmed forecasts by 300k bpd.

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