- WTI prices turn lower after rising towards the $ 50 level.
- OPEC + is expected to keep oil production stable.
Crude oil prices have moved higher on the first trading day of 2021 and a barrel of West Texas Intermediate WTI has reached its highest level in more than 10 months at $ 49.80. However, the WTI has changed course ahead of the American session and has returned all initial gains. At the time of writing it remains virtually unchanged on the day near the $ 48.40 level.
The focus is on OPEC
The news suggesting that OPEC and non-OPEC producers are likely to keep oil production unchangedDespite the fact that Russia has been advocating a rise of 500,000 barrels per day (bpd) in February, they helped oil prices to rise on Monday.
In December, producers agreed to increase production by 500,000 bpd in January, but the renewed Concern about the negative impact of rising coronavirus infections on energy demand appears to be forcing producers to take a cautious stance.
Earlier in the day, the British Prime Minister, Boris Johnson pointed out that they will have to take additional measures to limit the spread of the new coronavirus.. Furthermore, Germany is reported to be extending the current lockdown for two weeks, until the end of January.
On Sunday, OPEC Secretary General Mohammad Barkindo said that expect global demand for crude oil to increase by 5.9 million bpd in 2021 to 95.9 million bpd. Investors await the statement to come out of the OPEC + meeting later in the day.
WTI technical levels
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