- WTI fell to its lowest level in a week at $ 71.96.
- OPEC + JTC left the forecast for oil demand growth for 2021 unchanged at 6 million bpd.
- Eye on API weekly crude stock data.
After closing deep into negative territory, crude oil prices continued to push lower on Tuesday before turning north in the latest US session. The barrel of West Texas Intermediate (WTI), which fell to its lowest level in a week at $ 71.96 earlier in the day, is currently up 0.5% to $ 73.15.
Looking at the OPEC headlines
Following the OPEC + Joint Technical Committee (JTC) meeting on Tuesday, Reuters reported that the committee left unchanged its forecast for global oil demand growth for 2021 at 6 million barrels per day and made no recommendation to politics.
Furthermore, OPEC + sources told Reuters that the Joint Ministerial Monitoring Committee (JMMC) was postponed to July 1 from June 30.
Meanwhile, India’s oil minister noted that demand for fuel is expected to recover to pre-pandemic levels by the end of the year. Later in the session, the American Petroleum Institute will release weekly data on crude oil stocks.
Technical levels
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