WTI crude oil’s up trend continues today and breaches 71 handle. There are some concerns that OPEC might not be able to raise the pace of production increase to meet the rebound in demand later this year. Indeed, the Paris-based IEA urged on Friday, “OPEC+ needs to open the taps to keep the world oil markets adequately supplied”.
Overall, the medium term up trend in WTI crude oil looks healthy, with notable support form 55 day EMA. Outlook remains bullish as long as 68.33 support holds. Current rise is on track to 38.2% projection of 33.80 to 67.83 from 61.51 at 74.50.
