Forex. WTI oil trading forecast and signal for today, April 28
WTI crude oil reached the level of $62.3 per barrel.
Following the meeting, the OPEC technical committee recommended that the alliance maintain the current terms of the deal on limiting production for May–July. The number of coronavirus cases is increasing in a number of countries, despite vaccination, and this may hinder the recovery of the economy and oil demand. Contrary to the declining trend, in March, the oil reserves of the OECD countries increased by 14.4 million barrels, or 77.4 million barrels above the five-year average.
The next OPEC+ ministerial meeting will not take place until early June. Thus, the recommendation of the technical committee turned into a final decision. In May and June, production will increase by 700,000 barrels per day, and in July, daily production will increase by 440,000 barrels. The OPEC+ deal in March was executed by 113% — this was the highest level of its execution. OPEC noted optimism in the oil market, increased mobility of the population and a recovery in demand in the largest consumer countries. But it is necessary to continue to closely monitor the situation, including the spread of coronavirus infection, especially in many countries in the Asian region. Oil prices will stabilize in the current range of $62-66 in the coming months.
WTI Oil Trading Signal
The forecast is expected to continue the growth of WTI oil to the levels of 62.50, 62.75 and 63 Dollars per barrel.