Forex trading. WTI Oil forecast for today, September 21, 2021
On Monday, WTI oil fell in price to the level of 69.9 dollars per barrel amid pessimistic sentiment, which provoked sales on the world commodity and stock markets.
Pressure on risky assets is exerted by the upcoming meeting of the US Federal Reserve and the situation around one of the largest developers in China, Evergrande. The tightening of the US regulator's policy may be a signal of economic recovery, and with a good economic situation, the demand for oil is growing, and raw materials are becoming more expensive. But this prospect may be overshadowed by the dollar, which is likely to rise in price. In addition, investors estimate that the situation with a possible default of Evergrande may put pressure on a number of sectors in China and on the country's economy as a whole. China is one of the largest importers of oil, so the deterioration of the economic situation in the country will lead to a drop in demand for oil.
Also, oil production in the Gulf of Mexico in the United States is recovering from the effects of Hurricane Ida. Production fell by about 850,000 barrels per day during the third week of September, and then will decline to 180 000 – 200 000 barrels per day in the fourth week. In addition, according to experts, the reduction of supply disruptions is taking place against the background of covid outbreaks in oil-importing countries — China and Japan, which will hinder further price growth.
The forecast expects a decline in WTI crude oil to the levels of 69.7, 69.5 and 69 dollars per barrel.