On Friday, oil futures rose in price, which was the third week of growth in a row. A barrel of WTI crude oil reached the level of $70.4.
The International Energy Agency said it expects global demand to return to pre-crisis levels by the end of next year. Producers will need to increase production to match the recovery in demand, the agency said in a June report on the oil market. After a record decline of 8.6 million barrels per day in 2020, global oil demand will recover by 5.4 million in 2021. The recovery is expected to be uneven across regions, sectors, and products. Also, the slow spread of vaccines may continue to hamper recovery in non-OECD countries.
The agency also noted that it sees room for OPEC+ countries to increase production by 1.4 million barrels per day above the previous target. A detailed look at the balance sheets confirms early expectations that OPEC+ needs to ease restrictions to maintain balance in global oil markets. The cartel's conservatism in supply has supported global prices since last year, and this is the reason why quotations have now reached such high levels. There is now room for an increase in the production of the alliance countries in the second half of this year, and while this has not happened, there is also the potential for further price increases.
Forex trading. WTI Oil forecast for today, June 14, 2021
The forecast expects a pullback of WTI crude oil quotes to the levels of 70, 69.8 and 69.5 Dollars per barrel.