WTI hits fresh seven-year highs near $81.50 amid supply squeeze
|- WTI rises to fresh seven-year tops above the $81 mark in the early European trading hours.
- Retreat in the US dollar helps crude oil to gain further.
- Oil set for a weekly gain above 3% on soaring gas prices.
Crude oil continues to march higher and remains on track to jump around 3% on a weekly basis. The price is extending gains since August 20. At the time of writing, WTI is trading at $81.30, up 0.54% for the day.
Crude oil prices rise amid supply-side concerns and growing fuel demand on falling US crude stockpiles. The rally in the prices recorded in particular of high demand and shortage of gas and coal in Europe and Asia-Pacific. Furthermore, the Energy Information Administration (EIA) said that the output in the US is going to drop in 2021 more than previously anticipated, although it will bounce back in 2022.
The US Dollar Index (DXY), which indicates the performance of the greenback against six major rivals, pushes WTI higher in the European trade. The US dollar was last seen trading at 93.93, down 0.03% for the day.
As for now, the US dollar dynamics and the demand-supply constraints continue to influence WTI prices.
WTI additional levels
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