Forex trading. WTI Oil forecast for today, September 22, 2021
WTI oil rose to the level of $70.65 per barrel. World oil prices added more than 1% on Tuesday afternoon, recovering from a 2% drop the day before. In addition, there are still concerns about the demand for raw materials in the oil market.
On the one hand, the likely default of one of the largest Chinese developers Evergrande creates fears for the state of the country's economy, the largest importer of oil. On the other hand, the unrest is leveled by reports that the United States will lift restrictions on the entry of passengers vaccinated against coronavirus from the European Union and the United Kingdom from November. The UAE believes that OPEC+ does not need to adjust the current oil production agreement. According to the Minister of Energy of the Arab state, the alliance is not concerned about the excess supply in the second quarter of 2022. OPEC+ has reduced its production by 9.7 million barrels per day since May 2020 due to a drop in oil demand caused by the coronavirus pandemic. As the situation stabilized, the deal was adjusted. And since August 2021, the alliance has been increasing production by 400,000 barrels per day monthly, hoping to gradually withdraw from its obligations by the end of September 2022.
In our forecast, we assume a decline in the price of WTI oil to the support levels of 70.45, 70.20 and 70 dollars per barrel.