Home Stock Oil prices fell slightly from the month's highest close

Oil prices fell slightly from the month’s highest close

Oil futures rose slightly again on Thursday morning from their highest levels since mid-March, following a rally supported by optimistic monthly oil price forecasts and a drop in weekly stocks. of America.

Some market analysts suggest that the oil may face some resistance to increase further on Thursday following its recent uptrend but say more optimistic news on the overall economic recovery. Demand can spur a new impetus.

Fawad Razaqzada, market analyst at ThinkMarkets, writes: “Watch closely for prices as WTI tries to break out of the resistance in the 63.15 – $ 63.60 range and Brent tests the key resistance around. 66.80 USD ”.

“If these levels give way, expect more technical buying in the coming days,” he wrote.

On Thursday, West Texas Intermediate crude for May delivery CLK21 CL00 is trading down 14 cents, or 0.2 percent, at $ 63.02 a barrel on the New York Mercantile Exchange, after rising 4.9 percent to its highest level since March 17, according to Data Dow Jones market. June Brent crude oil global benchmark BRNM21 BRNM21 up 11 cents, or 0.1 percent, lower to trade at $ 66.47 a barrel on ICE Futures Europe.

On Wednesday, International Energy Agency dismantled Its demand outlook for crude oil and a US government report found weekly inventories fell Tuesday.

In its monthly report, the International Energy Agency Its prediction enhancement for global oil demand in 2021 an increase of 230,000 barrels / day compared with the previous forecast. It currently sees an increase of 5.7 million barrels a day from 2020 to 96.7 million barrels a day this year. Meanwhile, the Organization of Petroleum Exporting Countries on Tuesday raised its forecast for global economic growth from 5.1% to 5.4%.

In a weekly report also released Wednesday, the Energy Information Administration reported that US crude inventories fell increased by 5.9 million barrels for the week ending April 9. That dragged down supply for the previous two weeks.

The EIA data also showed crude inventories at the Cushing storage center, Okla, rose 400,000 barrels a week, while total domestic production rose 100,000 barrels to 11 million barrels a day.



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