On Monday, a barrel of WTI oil strengthened to the level of 71.8 dollars. The cost of raw materials continues to be at high values due to the continued shortage in the market. According to the International Energy Agency, in June 2021, the production of exporters amounted to 40.9 million barrels per day, and demand was at the level of 42.3 million barrels. A supply shortage of 1.4 million barrels per day continues to support oil prices. Experts believe that the imbalance in the market may even increase by the end of the year, which will cause further strengthening of raw material quotes until the annual highs are updated, but only if it is possible to contain a new wave of morbidity in the world.
Additional pressure on the energy market is exerted by the continued increase in the number of drilling rigs in the United States. According to the oilfield services company Baker Hughes, at the end of last week, the number of aggregates increased by 7 units, to the maximum value since April 2020 of 491 units. The increase in the number of installations indicates the activation of oil production in the country during a period of high prices for hydrocarbons, which can also increase the supply on the market.
The forecast assumes an increase in the price of WTI oil to the resistance levels of 72, 72.3 and 72.5 dollars per barrel.