WTI consolidates the recovery below the $41 mark

• WTI bulls gearing up for the next push higher.
• Cautious optimism persists amid US stimulus hopes.
• US oil buoyed by Russia’s intent to extend supply cuts.

WTI (futures on NYMEX) is holding on to the 40.50 level amid a consolidative mode following a retreat from Thursday’s recovery rally to $41.01.

The US oil remains underpinned amid a better market mood, as the final Presidential election debate draws to an end. The Trump-Biden face-off was far better and informative than the first clash, which is seen lifting the risk sentiment while the progress on the US fiscal stimulus talks also remains risk-supportive.

The black gold clings onto the previous recovery gains, as Russian President Vladimir Putin’s comments continue to underpin the sentiment. Putin said that he would be ready to extend the oil output cuts if markets warrant amid the coronavirus pandemic.

more to come ...