WTI Crude oil prices managed to hold up the intraday gains for the most part.
However, by the late European session, the commodity was seen giving back those gains. Oil prices are down about 0.35% intraday.
The declines come as oil prices do not have any fundamentals to move to. As a result, we expect to see prices trading flat into the close.
However, on a year to date basis, WTI crude oil prices are on track to close the year at a nine-month high.
This comes after the oil futures contracts plunged below zero in March this year amid a huge decline in demand due to the Covid-19 pandemic.