- Crude oil prices are rising modestly supported by risk flows.
- The Reuters poll showed that OPEC production increased in January.
Crude oil prices they continue to fluctuate in a relatively tight range on Monday after closing the previous week with little change. At the time of writing, a barrel of West Texas Intermediate was up 0.9% on the day at $ 52.65.
Last week, data released by the US Energy Information Administration showed a sharp drop in US crude oil inventories and helped WTI stay in the upper half of its weekly range. Furthermore, easing vaccine-related tensions between the EU and the UK reignited hopes for a steady recovery in energy and demand allowed oil to start the new week on a firm footing.
Meanwhile, a Reuters poll showed oil production from the Organization of the Petroleum Exporting Countries (OPEC) rose for the seventh month in January, possibly limiting the WTI rise for the time being.
Perspectivas WTI
“Over the medium term, TD Securities expects WTI to average around $ 55 / b once the economy returns to normal,” analysts at TD Securities said in a report released last week. “Demand is on track to grow the 5.5 million barrels per day expected in 2021 and concerns about excessive supply growth are fading, with Brent a few dollars higher.”
Technical levels
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