Oil prices climb to 6-week high, Walmart shares down after Litecoin rumour rebuffed [Video]

Eliman Dambell Sayvio AI

On Monday, oil prices raced to their highest level in over 6-weeks as concerns over the supply of U.S. oil continued to impact the sector.

The cost of Crude has been surging in recent weeks, in the aftermath of Hurricane Ida, and the anticipation of further upcoming storms that could impact several pipelines in Texas.

WTI crude hit an intraday high of $70.97 in today’s session, a level it hasn’t traded at since August 4th.

All of this comes despite OPEC recently revising its 2021 demand forecast, expecting the recent surge in the Delta variant to lower the appetite for oil.

Many now expect that the price of WTI could be heading to its long-term resistance level of $77 per barrel.

Walmart shares down after Litecoin rumour rebuffed

Walmart shares were marginally down to begin the week, as the company rejected claims that it would soon accept Litecoin.

Over the weekend, it had been rumored that Walmart was on the verge of agreeing to accept LTC for in-store transactions, sending LTCUSD to climb by as much as 25% on the news.

The rumours were initially published by reputable news site, “GlobeNewsWire”, however the company moved to quickly remove the post once Walmart rejected the claims.

Prices of LTCUSD hit an intraday high of $236.12, however have fallen to $171.03 since.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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