Weekly: Wti Crude Rose About 3 Percent In The Week Gone By As Plummeting Us Crude Inventories
- Market News
- Special Report
- 2021, 28 June
WTI Crude rose about 3 percent in the week gone by as
plummeting US Crude inventories and a promising demand
outlook underpinned the prices.
As per reports from the U.S. Energy Information
Administration (EIA), US Crude inventories plunged about 7.6
million barrels surpassing the markets expectation of a 3.6-
million-barrel fall indicating a solid recovery in demand.
The Organization of the Petroleum Exporting Countries and
allies, OPEC+, is returning 2.1 million barrels per day in the
global markets from May’21 to July’21. Markets expect that
the group might continue to ease the production curbs
imposed in 2020 following the paced vaccine distribution
and reopening of global economies.
In the coming week, investors will have a keen eye on OPEC+
meeting which is scheduled on 1st July’21.
Buy above 61.20 for 80 and 86
Sell below 61.20 for 57.20 and 51