- Crude oil is in a tight range at the beginning of the week.
- The Reuters report shows that the United States continued to increase oil supplies in February.
- Investors await weekly US crude oil inventory data for a further boost in prices.
Crude oil prices are fluctuating within a narrow range Monday amid the lack of important fundamentals. The barrel of West Texas Intermediate WTI, which lost 1% last week, is currently down 0.75% on the day at $ 65.17.
Earlier Monday, Reuters reported that The United States surpassed Saudi Arabia when it comes to oil exports to India in February. “Refineries pushed cheaper US crude purchases to record levels to offset OPEC + supply cuts, data from commercial sources has shown,” Reuters explained. This development suggests that WTI could find it difficult to continue increasing with US production offsetting the positive effect of OPEC + cuts. in prices.
Later in the week, investors will closely follow weekly oil inventory data from the American Petroleum Institute and the US Energy Information Administration to see a new boost in WTI prices.
Brent Oil Outlook
Commenting on the oil market outlook, “We expect the global oil market to run a slightly larger deficit in the first half of the year than we expected, which will provide an additional boost to prices,” Capital strategists have said. Economics. “However, we still believe that the price of Brent will fall to $ 70 per barrel by the end of 2021 and to $ 60 by the end of 2022, as the momentum of pent-up demand wears off and supply recovers.”
WTI technical levels
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