WTI oil again rose in price to the resistance level of 69.9 Dollars per barrel.
Traders are waiting for the outcome of talks between Iran and world powers in Vienna on a nuclear agreement, which will begin tomorrow. The deal could lead to an increase in Iran's production by 500,000 barrels per day. But market participants are unlikely to expect an agreement before the country's presidential election next week.
China imported 9.69 million barrels of oil per day in May. This is 14.6% lower than a year earlier. In April, imports totaled 9.86 million barrels per day. Earlier, the oil rally slowed after the price tested the level of $70 per barrel on the back of falling Chinese imports. The country's economic recovery is slowing, but still remains strong, compared to the rest of the world.
The US Department of Energy has raised its forecast for average oil production in the country for the current year by 60,000 barrels per day, and for the next year — reduced by 50,000, according to data from the monthly report of the Energy Information Administration. Oil production in the country last year averaged 11.3 million barrels per day. The US Department of Energy has maintained its forecast for global oil demand by the end of 2021 and expects an increase of 5.4 million barrels per day. At the same time, the forecast for 2022 was slightly lowered to 3.6 million barrels per day. The Energy Information Administration increased its forecast for the average WTI oil price for 2021 to $61.85 per barrel, up from a May estimate of $58.91.
Forex trading. WTI Oil forecast for today, June 9, 2021
The forecast assumes a further increase in the price of oil to the levels of 70, 70.2 and 70.5 Dollars per barrel.