- WTI prices hit new yearly highs above the $ 66.00 level.
- OPEC + maintained the status quo at its meeting on Thursday.
- US NFP nonfarm payrolls surprised to the upside with 379,000 new jobs.
The rebound in crude oil prices has not abated, with WTI moving towards the $ 66.00 per barrel level, at new 2021 highs, on Friday.
WTI boosted after OPEC + meeting
Crude Oil Prices Extend Upward Movement after OPEC + surprised investors at their meeting on Thursday. In fact, the poster announced that extend current oil production cuts, with the exception of Russia and Kazakhstan, which were allowed a small increase.
What’s more, Saudi Arabia extended its unilateral production cut of 1 million barrels per day at least until the end of April (with the idea that it will eventually be undefined).
It is anticipated that the expected rebound of the world economy in the second half of the year become a higher demand for crude oil. This, in turn, is supported by the recovery in vaccine deployment and the consequent improvement in mobility.
Later in the day, driller Baker Hughes will report on weekly drilling activity in the US.
What can we expect around WTI?
West Texas Intermediate prices continue to rise and exceed the level of $ 66.00 per barrel after the OPEC + meeting. Rising inflows into commodity-based ETFs, on rumors that a commodity supercycle could be in the offing, coupled with rising expectations of a strong global recovery (from the current vaccine launch) have supported the rally in crude oil in recent weeks.
Eminent Background Issues: Higher crude oil prices favor shale growth in the US The balance between supply and demand could cause a moderate downward correction later in the year.
Significant levels of WTI
At the time of writing, a barrel of WTI is up 3.11% on the day, trading at $ 66.01. The next resistance is at $ 66.58 (April 23, 2019 high), followed by $ 70.00 (key level) and $ 76.58 (October 3, 2018 high). On the other hand, a breakout of $ 59.27 (March 3 low) would expose $ 58.60 (February 19 low) and then $ 57.43 (February 12 low).
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