WTI crude oil reached a price value of $66.3 per barrel.
The growth of the markets was caused by the US inflation data for April and the optimistic forecasts of OPEC, which expects oil consumption in 2021 at the level of more than 96 million barrels per day. The same forecast was previously given by the International Energy Agency. These volumes are comparable to energy consumption before the pandemic. As a result, at the peak, Brent was approaching the psychologically significant level of $70 per barrel today. WTI is also trading fairly close to the highest value since 2018.
Commercial oil reserves in the country over the past week decreased by 426,000 barrels, according to the US Department of Energy. At the same time, analysts polled by the Bloomberg agency expected a decrease in inventories by 2.1 million barrels. The low indicator limited the growth of oil prices.
OPEC+ members in April fulfilled a deal to reduce oil production by 114%. The countries of the alliance fulfilled their obligations by 126%, the rest by 90%. In April, the daily production of oil by the participants of the transaction increased by 100,000 barrels per day. The increase was due to Russia and Kazakhstan. It is noted that Russia in April brought production to 9.52 million barrels per day. This figure is 870,000 barrels lower than in April 2020.
WTI Oil Trading Signals
In the forecast, WTI oil is expected to increase to the levels of 66.5, 66.8 and 67 Dollars per barrel.