Forex. WTI oil trading forecast and signal for today, April 27
WTI oil is trading near the price level of $62 per barrel. On Monday, the quotes fell sharply to the support of $60.6, after which they also quickly fully recovered their losses.
The global epidemiological situation continues to influence investor sentiment. A number of countries continue to record an increase in the incidence of coronavirus, which slows down the process of lifting quarantine restrictions and negatively affects the prospects for restoring oil demand. In particular, the most difficult situation remains in India, one of the largest importers of oil. In the near future, prices are expected to be unstable on the global market, as investor sentiment will be unstable against the background of conflicting factors, which include optimism about the US and European economies, as well as the difficult situation with the coronavirus in India.
OPEC+ ministers will hold two meetings this week, as planned, and can not only assess the situation, but also discuss their new actions. The ministerial meeting will be held with the support of the monitoring committee, which is tasked with analyzing changes in the oil market and the implementation of the agreement, as well as recommending further actions. According to the head of the alliance, Mohammed Barkindo, the oil market shows positive signals, but there are still enough factors that require careful monitoring. Earlier it was reported that the idea was discussed to reduce the negotiations to a meeting of the monitoring committee, without holding a ministerial meeting, but this initiative did not find final support.
WTI Oil Trading Signal
The forecast assumes a decline in the price of WTI oil to the levels of 61.7, 61.5 and 61.2 Dollars per barrel.