- WTI futures are capped at $ 81.61, stable above $ 80.00.
- According to OPEC forecasts, US stocks weigh on oil prices.
- Oil prices in the United States consolidate between $ 79.45 and $ 81.60.
WTI futures for the first month have been rejected at a session high of $ 81.61 earlier today, and prices have retreated moderately during the US trading session on Thursday. Oil prices, however, remain fairly stable, consolidating at long-term highs, with downward attempts contained above the psychological level of $ 80.
OPEC, rising US stocks weigh on oil prices
The West Texas Intermediate rally came to a halt on Wednesday, after climbing above $ 80. OPEC + released a downward revision to its oil demand growth estimates for 2021, which could have eased upward pressure on crude prices.
Additionally, the US Energy Information Administration (EIA) reported a much larger-than-expected rise in oil stocks on Thursday, further weighing on prices. Commercial crude oil inventories increased by 6 million barrels in the week of October 8 in the US, according to the EIA, well beyond the 0.7 million accumulation anticipated by the market.
WTI prices remain capped below $ 81.60
Crude prices have been trading in a range for the past two days, trapped between $ 79.40 and $ 81.60 after peaking above $ 82.00 last Monday. On the upside, WTI futures should confirm above $ 81.60 (Oct 12 high) and $ 82.15 (Oct 11 high) to lock in on the $ 90.00 area (78.6% retracement from Fibonacci from the 2014-2016 crash).
On the downside, below $ 80.00 (psychological level and $ 79.45 (October 12, 13), WTI could lose its bullish momentum and extend its reversal towards $ 78.65 (October 8, October 10 low) .
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