WTI crude oil declined in price to the support of 71.3 dollars per barrel.
Commercial oil reserves in the United States over the past week decreased by 7.36 million barrels, according to the US Department of Energy. At the same time, analysts polled by Bloomberg expected a reduction in inventories by 2.5 million barrels. Some influence on the course of trading was exerted by the economic statistics of China, which by some indicators turned out to be worse than expected. The growth rate of industrial production in China in May was 8.8% in annual terms, against the forecast of growth to 9%.
Despite the intraday pullback in prices, the oil market remains optimistic about consumption growth as the vaccination process accelerates and the global economy recovers. This is the basic driver, thanks to which oil has become more expensive for the third month in a row. Despite the overbought and profit-taking risks, the markets overcome one barrier after another, updating the long-term tops. The US Federal Reserve has tightened its rhetoric regarding the curtailment of stimulus, and this caused an initial adjustment in oil. The nearest support will be the level of $70, in the event of a breakdown of which prices will fall even lower.
Forex trading. WTI Oil forecast for today, June 17, 2021
The forecast assumes a further decline in the price of WTI oil to the support levels of 71, 70.8 and 70.5 Dollars per barrel.