fxstreet.com 11 Feb, 2021 08:15 am

WTI and Brent Oil to slide 2-6$ lower as OPEC deploys shuttered capacity – TDS

WTI and Brent Oil to slide 2-6$ lower as OPEC deploys shuttered capacity – TDS
Oil prices rose in the wake of the EIA’s latest report. While a WTI move to $60+/b is quite possible ($65 Brent), it may be short lived if OPEC+ signa

FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.While a WTI move to $60+/b is quite possible ($65 Brent), it may be short lived if OPEC+ signals their intention to increase production as strategists at TD Securities project.Key quotes “We expect range-bound trading until there is new information, likely in the form of OPEC+ signals, which will give the market an idea where supply is going for the balance of 2021.

We should see the Saudis reverse their voluntary one million b/d cut and Russia increase production as well.” “Considering that WTI is approaching $60/ b and Brent is trading near $62/b, this producer group will no doubt want to phase in production increases, as demand recovers from the pandemic.

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