Forex forecast for today. WTI - back to resistance $60.5
Oil markets recouped some of the losses, with the WTI barrel recovering to $59.4 on Tuesday.
Traders are optimistic about the prospects for the global economic recovery and, as a result, the growth in oil demand. Such sentiments were supported by strong statistics of the US labor market, published last week. On the back of good data, stock exchanges around the world rose. The expectation of a rapid recovery in demand in the second quarter supports the increase in OPEC + oil production, which should occur in the coming months.
The US Department of Energy has raised its forecast for the price of Brent crude oil in 2021 to $62.3 per barrel. The price of WTI crude oil is projected at $58.9 per barrel in 2021 and $56.7 next year. The ministry noted that the increase in oil prices in March reflects expectations of an increase in demand against the background of growing economic activity, in conjunction with the current OPEC+restrictions last month. The US Department of Energy also expects daily oil production in the country to increase by 500,000 barrels in the second quarter of 2021 and by 2.1 million barrels in the second half of the year, linking the forecast with the recent decision of OPEC+ to gradually increase production in May – July.
In the forecast, I assume an increase in the price of WTI crude oil to the resistance of 60.5 Dollars per barrel.