Forex. WTI Oil trading forecast and signal for today, April 30
The price of WTI oil rose to the resistance level of $65 per barrel for the first time since March 17. At the peak of trading, WTI oil added almost 2% in value.
In the global energy market, there is a belief in the rapid recovery of the economy. We added optimism to the decisions of the OPEC+ Ministerial Committee. The alliance has left in place plans to gradually increase oil production in the summer, which speaks in favor of the upcoming recovery in demand despite the outbreak of coronavirus in India, Brazil and Japan. The market also reacted to the good statistics of the US Department of Energy. Commercial oil reserves in the country over the past week grew much weaker than experts expected.
Traders continue to assess the balance of supply and demand in the energy market after the OPEC+ ministerial monitoring Committee recommended that the alliance maintain the current terms of the production restriction agreement for May-July. In addition, the OPEC+ technical committee raised its forecast for global oil demand growth to an average of 6 million barrels per day in 2021 from a March estimate of 5.6 million barrels. At the same time, the situation with the coronavirus in the United States and Europe, as well as, for example, in India, where the number of people infected with the new coronavirus is growing, continues to be taken into account by the oil market. Both of these factors are monitored by OPEC+, and the alliance will be able to respond at the next meeting if necessary.
WTI Oil Trading Signals
The forecast expects a further increase in the price of WTI oil to the resistance levels of 65.20, 65.50 and 65.75 Dollars per barrel.