- Analytics
- News and Tools
- Market News
- WTI to break above $70 as OPEC goes slowly on production increases – TDS
WTI to break above $70 as OPEC goes slowly on production increases – TDS
FXStreet reports that Bart Melek, Head of Commodity Strategy at TD Securities, discusses WTI oil prospects.
“OPEC+ kept to its widely expected plan to increase production in July, as the Saudi led cartel sounded a bullish note on the global oil demand recovery. Given demand is projected to grow by over 5 million b/d in H2-2021, there will likely be a considerable deficit during the next six months. Since the OPEC+ planned supply will not keep up with demand growth, it could be argued that the producer group will likely increase production once these risks are mitigated. But any supply increases won't be announced until the Iran production issue has clarity.”
“We expect that the global oil market will remain in a sizable deficit over the near term, which is price supportive. As such it is reasonable to say that WTI will likely push through the low $70s/bbl, but won't surge much higher on a sustained basis, as currently sequestered OPEC+ capacity gets redeployed and Iran increases output.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
