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Crude oil prices came under strong heavy selling pressure at the start of the week and the barrel of West Texas Intermediate (WTI) lost nearly 7% on Monday. After extending its slide to its lowest level in nearly three months at $65.06 on Tuesday, WTI staged a rebound in the American session and was last seen gaining 1% at $67.20.
Worsening demand outlook amid rising number of confirmed coronavirus Delta variants alongside increasing OPEC+ oil output following the agreement between the United Arab Emirates and Saudi Arabia hurt oil prices on Monday.
In the absence of a significant fundamental development that could be seen as a positive driver for crude oil prices, the latest recovery seems to be a product of bargain shopping. Additionally, improving market mood is also helping the risk-sensitive oil attract investors.
Reflecting the positive shift in sentiment on Tuesday, the S&P 500 Index, which lost 1.6% on Monday, is currently up 1.65% at 4,329.
Later in the session, the American Petroleum Institute (API) will release its Weekly Crude Oil Stock data.