Here is our crude oil price forecast for 2021! So far WTI has managed to climb and remain above the zone of $42.40–45.15, and the WTI oil forecast 2021 may very well be eyeing the $50.63–53.58 range as its next resistance.
US fiscal stimulus expectations coupled with the OPEC+ projections for the coming year are largely what’s contributing to the positive oil prices prediction. 2021 could be a good year for the energy sector, especially also with the high hopes surrounding the new coronavirus vaccine. However, there’s also something in the current technical analysis that puts such an optimistic crude oil price forecast in jeopardy.
Namely, a doji candle could signalize a turning point in the oil forecast. And whilst it could be in either direction, the rising prices so far suggest the oil prices 2021 forecast could entail a sharp decline. But nothing is set in stone, and if there’s enough upwards momentum now, then this candlestick won’t have an impact on oil prices 2021.
In fact, that momentum is what’s needed now to drive prices even further up, making for a very positive crude oil forecast in the near term at least.
Watch our full WTI crude oil forecast to see where this current tendency may lead us in the weeks to come and what the crude oil price forecast 2021 has in store. And drop us a line in the comment section below with your thoughts on our WTI crude oil forecast 2021 and also share your oil price forecast with the community!
Did you like our oil forecast 2021? Then please hit the Like button, and don’t forget to share this WTI oil forecast with your friends. And if you’re new to the Capital.com channel, subscribe so you don’t miss out on our next oil forecast 2021!
#OilPrice
#WTI
#CrudeOil
***
Explore trading and start investing with Capital.com.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.