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Bearish oil price moment after a rise : Oil price prediction 2021

Today, during trading, oil prices, which had renewed their annual highs the day before, are correcting downward.

The market was supported on Wednesday by data from the US Department of Energy, which showed a decrease in oil reserves in the country to the lowest level since March.

So, oil reserves in the United States for the week ended February 5, decreased by 6.6 million barrels. Experts surveyed by S&P Global Platts predicted an average decline of 2.7 million barrels.

Stocks at the terminal in Cushing, where oil traded on the NYMEX is stored, decreased by 700 thousand barrels.

The cost of April futures for Brent oil on the London ICE Futures exchange by 8:10 Moscow time was $ 61.12 per barrel, which is $ 0.35 (0.57%) below the price at the close of the previous session.

As a result of trading on February 10, these contracts rose by $ 0.38 (0.6%) – to $ 61.47 per barrel.

The price of futures for WTI crude oil for March in electronic trading on the New York Mercantile Exchange (NYMEX) by this time is $ 58.36 per barrel, which is $ 0.32 (0.55%) below the level at the close of previous trading.

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On Wednesday, futures rose in price by $ 0.32 (0.6%) – up to $ 58.68 per barrel.

Brent rose in price yesterday for the ninth session in a row, WTI – for the eighth. For both grades, these are the longest periods of continuous growth since January 2019, according to Dow Jones data.

Both Brent and WTI closed Wednesday trading at their highs since January 2020.

Citigroup experts expect the price of Brent to rise to $ 70 per barrel by the end of this year, as the current OPEC + agreement restricts supply, while demand is growing faster than expected.

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Ismael Brooks
Ismael Brooks
Ismael is a versatile writer contributing to City Telegraph, where their expertise spans technology and global affairs. With a passion for exploring innovation, societal trends, Ismael brings a fresh perspective to every piece they craft. Follow Ismael for thought leadership and in-depth analysis , as he continue to contribute to City Telegraph's mission of informing and engaging readers with compelling narratives.

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