Market news
09.07.2021, 12:19

OPEC to come to an accord, WTI to head back to the $70 level - TDS

FXStreet reports that WTI crude oil is trading around $73, off the lows it hit in response to speculation that the UAE would ramp up output. Bart Melek, Head of Commodity Strategy at TD Securities, believes the black gold may hit $80 during the thirds quarter but WTI is forecast to trend back lower to the $70 level over the next twelve months.

“A material rally or decline is unlikely until the market hears details on how the OPEC+ group settles the request from the UAE to increase its production base. If the producer group limits monthly supply increases to the previously discussed 400k b/d per month through December, we project that WTI may well challenge $80/b some time during Q3-2021, despite COVID-19 Delta variant risks.”

“After current uncertainties and a period of elevated prices, we believe that OPEC+ will come to an accord which will continue to see supply match demand growth, with WTI prices then trending back to near $70/b over the next twelve months.”

© 2000-2022. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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 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

Live Chat E-mail
Choose your language / location