Weekly: Wti Crude Rose About 3 Percent In The Week Gone By As Plummeting Us Crude Inventories

Weekly: Wti Crude Rose About 3 Percent In The Week Gone By As Plummeting Us Crude Inventories

  • Market News
  • Special Report
  • 2021, 28 June

Brief:

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.

Suggestion:

Buy above 61.20 for 80 and 86

Else

Sell below 61.20 for 57.20 and 51

 

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