Forex. WTI Crude Oil Trade Forecast for today April 14
The price of WTI oil strengthened to the level of $60.35 per barrel.
In its latest monthly report, the Organization of the Petroleum Exporting Countries raised its forecast for global demand growth in 2021 to 5.95 million barrels per day. There have been significant declines in global stocks since mid-2020, and they are expected to continue in the coming months. The main growth in oil consumption in 2021 is projected in the second and third quarters. OPEC oil production increased by 200,000 barrels per day in March per day at the expense of Iran. Oil markets rose after the publication of the OPEC report, and the WTI barrel added almost 1% for the day.
Investors were also optimistic about the statistics, according to which exports from China in March increased by 30.6% in annual terms, and imports — by 38.1%. China is one of the largest importers of oil, so the data indicating an improvement in the economic situation in this country, support the markets. In addition, vaccination continues in countries around the world, which improves the prospects for economic recovery, which will help to increase energy demand. Today, the US Department of Energy will report official data on commercial oil reserves in the country. Experts believe that the indicator for the past week decreased by 2.2 million barrels. If the forecast is close to the actual values, the quotes will receive additional support.
WTI Trading Signal
In the forecast, the price of WTI oil is expected to rise to $61 per barrel.