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WTI: all attention is focused on the results of OPEC Monitoring Committee meeting

Oil prices are rising today after the publication of API data on oil reserves in the United States. According to the presented report, oil reserves for the week fell sharply by 8.3 million barrels. Experts expected a decrease of 2.1 million barrels.

 

U.S. Energy Information Administration (EIA) official data is due later today. Experts predict a decrease in reserves of 2.098 million barrels.

 

The main event of the day will be the meeting of the OPEC monitoring committee. Earlier, the media reported that at this meeting they will consider the issue of increasing production by 2 million barrels on August 1. This decision may put pressure on oil prices. The situation in the global economy remains difficult. The pace of recovery in energy demand remains limited.

 

Earlier in OPEC reported that in June the plan to reduce production was implemented by 107%. Also in a monthly report, OPEC officials stated that in 2021, oil demand could rise sharply by 7 million barrels. per day, in victory over the coronavirus. But even in this case, total consumption will remain below the peak values ​​of 2019.

 

Regarding the chart, trading is still constrained in a rather limited range, with borders at 38.70-41.10. Now we see an increase in upward pressure on the upper border of the flat. We are expecting a breakdown of this mark.

 

  • Resistance levels: 41.10, 42.00, 44.00.

 

  • Support levels: 38.70, 37.00, 34.50.

 

The main scenario - a decrease to 40.40 and an increase to 41.20

 

An alternative scenario - a decline to 38.70.

 

The current fundamental outlook is moderately positive. We would consider longs from the level of 40.40.

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