Forex. WTI Oil trading forecast and signals for today, April 22
WTI crude oil declined in price to the level of $61.8 per barrel.
The U.S. House Judiciary Committee has passed legislation that opens OPEC to antitrust lawsuits over production cuts that have weighed heavily on crude oil prices. In addition, a sharp rise in coronavirus cases in India, the world's third-largest oil consumer after the United States and China, has revived fears of an uneven recovery in global energy demand.
Global markets were under pressure on the background of the publication of data on the unexpected growth of oil reserves in the United States. The Energy Information Administration reported that over the past week, commercial oil reserves in the country increased by 0.1% and reached 493 million barrels, although analysts had predicted a decline of 2.9 million barrels. U.S. oil imports from Saudi Arabia nearly doubled last week to 358,000 barrels per day.
The global oil market is currently balanced, but in the event of a growing deficit, OPEC+ may decide to increase oil production further. The next meeting of the alliance will be held at the end of next week. Recall that against the background of the global economic recovery and increasing demand for oil, OPEC countries will hold a shortened format of the meeting.
WTI Trading Signals
The forecast expects a further decline in the price of WTI crude oil to the support levels of 61.5, 61.3 and 61 Dollars per barrel.