WTI oil consolidates above $80.00

WTI futures capped at $81.61, and remain steady above $80.00. OPEC forecasts, US stocks weigh on oil prices.

U. S. Oil prices consolidate between $79.45 and $81.60. Front-month WTI futures have been rejected at $81.61 session high earlier Thursday, and prices have retreated moderately during Thursday’s US trading session. Oil prices, however, remain fairly steady, consolidating at long-term highs, with downside attempts contained above the psychological $80 level.

The rally of the WTI crude oil was paused on Wednesday, after climbing above $80. The OPEC+ released a downward revision of its oil demand growth estimations for 2021, which might have eased upside pressure on crude prices.

Furthermore, The US Energy Information Administration (EIA) has reported on Thursday a much higher than expected increment on oil stocks, weighing prices further. Commercial crude oil inventories increased by 6 million barrels in the week of October 8 in the US, according to the EIA, well beyond the 0.7 million build-up anticipated by the market.

Crude prices have remained trading over the last two days, trapped between $79.40 and $81.60 after peaking above $82.00 last Monday. On the upside, WTI futures need to confirm above the mentioned $81.60 (Oct.12 high) and $82.15 (Oct, 11 high) to set its focus on the $90.00 area (78.6% Fibonacci retracement of the 2014-2016 decline).