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WTI crude started out the week on a very positive note as traders spotted a recovery in demand for crude oil. There’s evident optimism in WTI crude oil trading amidst recent news of successful coronavirus vaccine trials. So much so that the WTI oil price rose $0.10 today, or 0.2%.
Adding to the positive sentiment in crude oil trading this week are also the hopes that OPEC+ will keep output under control. The upcoming OPEC+ meeting is set to take place next week and there’s a good chance the current production cuts may be extended for up to another 6 months, which will give WTI and the crude oil price in general some much needed support.
Even US energy companies have slashed production and limited the number of rigs in operation for the first time in over 2 months, despite the fact that WTI crude oil is steadily trading above $40 a barrel. However, further possible gains in the WTI oil price chart were cut short due to new lockdowns being imposed in a number of countries.
Nevertheless, with the FDA likely to allow the distribution of the new Pfizer vaccine around mid-December, hopes are high that the global economy, as well as demand for WTI oil will start to recover more rapidly. And with it, the WTI crude oil price may possibly see more gains in the weeks ahead. Stay tuned for the crude oil forecast we’ve prepared for December 2020.
Watch our full WTI crude oil analysis to see where this current tendency may lead us in the weeks to come and how the WTI oil price today will continue to develop. And drop us a line in the comment section below with your thoughts on our WTI crude oil forecast.
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