WTI Crude gained over 2.6 percent in the week gone despite the widespread of the delta variant of the covid19 virus as depleting US Crude inventories

WTI Crude gained over 2.6 percent in the week gone despite the widespread of the delta variant of the covid19 virus as depleting US Crude inventories and an accommodative stance by the US FED underpinned market sentiments. As per reports from the Energy Information Administration, US Crude inventories decreased by 4.1 million barrels in the week ending on 23rd July’21, surpassing the market expectation of a 2.6-million-barrel fall.

The Organization of Petroleum Exporting Countries and their allies, also known as OPEC+ announced to increase Crude supply by 400,000 barrels per day from August’21 to December’21 in order to meet the rising global crude demand in the months ahead which was also supportive for Oil prices. Bets on a sustained growth in the global Oil demand and a lower US Dollar might continue to support Oil prices in the coming week.

Meanwhile, fresh upside may wait for a clear break of $73.40 to aim for July 13 peak surrounding $74.90 and the $75.00 threshold.

However, any further upside won’t hesitate to challenge the monthly high near $76.40./80/86

Suggestion:

Buy above 63.10 for 80 and 86

Else

Sell below 63.10 for 57.20 and 51.00

- share

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