The US Energy Information Administration forecasts that demand for crude oil could drop as much as 378,000 barrels per day this year. EIA’s forecasts follow that of OPEC from a week ago. OPEC members also cut oil forecasts as they expect demand to fall by 230,000 barrels per day. Crude oil prices are however brushing aside this data.
WTI Crude Oil Correction Underway
Oil prices are rising steadily following a weak spell. After breaking past the resistance level of 51.65, price action is steady as WTI targets the 54.75 level. In the near term, there is scope for a pullback. But the declines might be limited to the 51.65 level for support to establish firmly.
