Our Crude Oil Forecast March 2021 – a robust recovery for Crude oil expected to continue moving into March based on consumption increase after the Covid-19 pandemic and the world getting out of lockdowns. Goldman Sachs also predicts WTI crude oil price will advance into the $70s in the coming months. Crude oil forecast March sees a rally caused by higher demand outpacing the market supply.
Last week’s unprecedented weather event in Texas saw a sharp drop in local production of WTI crude which might hurt U.S. oil inventories in the coming weeks. Crude oil price is affected by 40 million barrels (bbl) of lost WTI crude oil output in February due to the deep freeze. Crude oil forecast today shows around 1 million bpd of crude may never be produced due to the breakdowns some wells incurred from the bizarre weather event in Texas. The Crude oil March price is boosted by producers and refiners expected to face problems to restart operations due to the damaged equipment.
Another event that influences Crude oil forecast next week is the OPEC+ meeting as a decision looms. Saudi Arabia wants to keep production at current levels while Russia aims to increase output. Crude oil March 2021 could reach $70 a barrel in the second quarter if production continues to be under pressure by those fundamentals.
Watch the full video for our take on the Crude oil forecast and a deeper insight into what to expect in the weeks ahead from our WTI crude oil forecast. Drop us a line in the comments with your thoughts on Crude oil March. To be notified about the latest WTI oil price and news, subscribe to the Capital.com, and click that notification bell.
***
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. 71.2% 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.
