WTI Crude extends gains due to oil demand optimism - racelowitood

Futures on US West Lone-Star State Liaise Crude Oil extended gains from the prior two trading years on Thursday, goaded by expectations of a recovery in fire take later in 2022, nigh notably in the United States, Europe and Communist China.

Market forecasters, including the Organization of the Crude oil Exporting Countries and Allies (OPEC+), largely project that vegetable oil demand will exceed oil supply during the second fractional of this class. According to a forecast by Organization of Petroleum-Exporting Countries+, international oil demand will turn over 99.8 million barrels per day by the end of 2022, while oil issue will be 97.5 billion barrels per day.

According to forecasters, key factors buns so much a re-balancing bequeath be ill demand in the United States due to vehicle consumption during the summer as well as rising fuel needs in China and the United Kingdom.

"The U.S. driving season is a full stop that sees higher‑than‑normal fuel consumption. UK traffic is immediately posing above pre‑pandemic levels," Vivek Dhar, commodities analyst at CBA, wrote in an investor note, cited by Reuters.

"We retain to examine the oil involve recovery LED by the U.S., Europe and China," Dhar added.

In the meantime, on the supply front, OPEC+ members agreed during a Tuesday meeting to proceed with plans to ease output curbs direct July.

Equally of 8:21 GMT on Thursday WTI Crude Oil Futures were edging up 0.15% to trade at $68.93 per barrelful, after earlier touching an intraday high at $69.40. The latter has been WTI Crude's strongest price index since October 23rd 2022 ($69.66 per barrel). WTI Crude Oil Futures consume up 4.01% heretofore in June, favorable another 4.31% surge in May.

Simultaneously, Brent Oil color Futures were edging up 0.21% along the daytime to trade at $71.34 per barrel, after earlier touching an intraday high at $71.96. The latter has been Brent Oil's strongest price index since May 22nd 2022 ($72.02 per barrel). Brent Oil Futures have up 2.74% hitherto in June, following another 4.20% surge in Whitethorn.

Daily Pivot Levels (traditional method acting of calculation) – WTI Crude Embrocate Futures

Central Pivot – $68.54
R1 – $69.29
R2 – $69.76
R3 – $70.51
R4 – $71.27

S1 – $68.07
S2 – $67.32
S3 – $66.85
S4 – $66.39

Daily Pivot Levels (traditional method acting of calculation) – Brent Oil Futures

Key Pivot – $71.01
R1 – $71.64
R2 – $72.09
R3 – $72.72
R4 – $73.35

S1 – $70.56
S2 – $69.93
S3 – $69.48
S4 – $69.03

Author: Miroslav Marinoff, a news editor at TradingPedia, is engaged with observing and reportage connected the tendencies in the Foreign Central Market and the US Stock Market.

Source: https://www.tradingpedia.com/2021/06/03/commodity-market-us-crude-oil-extends-gains-as-demand-expected-to-exceed-supply-in-second-half-of-2021/

Posted by: racelowitood.blogspot.com

Share this post