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\u2019s 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).<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s US trading session. Oil prices, however, remain fairly steady, consolidating …<\/p>\n","protected":false},"author":13,"featured_media":51662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7673,6944,6858,7685],"class_list":["post-52739","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-crude-oil-price","tag-eia","tag-us-economy","tag-wti-crude-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=52739"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52739\/revisions"}],"predecessor-version":[{"id":52743,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52739\/revisions\/52743"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/51662"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=52739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=52739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=52739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}