Here is our video about Crude Oil Forecast April 2021. Crude oil April managed to finish higher last week, enjoying a mini-boom period. The Crude oil price is trading higher since the US reported on Wednesday a third-weekly drop in weekly inventories and the IEA issued a bullish Crude oil report for 2021.
The Crude oil forecast today is supported by several fundamentals and is likely set to continue its bullish momentum. IEA updated its forecast for oil demand and now expects it to expand by 5.7 mb/d in 2021 to 96.7 mb/d. China also reported first-quarter gross domestic product figures that show a jump of 18.3% on yearly basis.
That news influenced the WTI crude oil forecast and was followed by a big rise in US retail sales. Crude oil April price will get support from the drop in unemployment claims in the US reported last Thursday, showing an improved economic picture.
Crude oil April 2021 is negatively influenced though by a record number of bankruptcies of oil producers in North America who are experiencing a hard time to recover after the crash of 2020 WTI crude oil prices early in the year. Crude oil forecast next week might show a bearish momentum as the daily chart is pointing to a reversal at current levels. There are two consecutive inverted hammers pointing that the WTI oil price run might be getting worked out.
Watch the full video for our take on Crude oil April 2021 and a deeper insight into what to expect in the weeks ahead from our Crude oil forecast. Drop us a line in the comments with your thoughts on WTI crude oil. To be notified about the latest price of WTI crude and news, subscribe to Capital.com, and click that notification bell.
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