USOIL News

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Last Updated Date: 11 May 2021 @ 12:06 PM (UTC)
*Please note that all the dates are in GMT time zone

The Organization of the Petroleum Exporting Countries on Tuesday left its forecast for world oil-demand growth in 2021 unchanged at 6 million barrels a day, for an average of 96.5 million barrels a day. In its monthly report, the organization said it revised down its forecast for non-OPEC liquids supply for 2021 by 200,000 barrels a day from last month's assessment. It's now forecast to grow by 700,000 barrels a day to average 63.6 million barrels a day, mainly due to the U.S. production outage seen in February following winter storms. Oil futures remained lower, with West Texas Intermediate crude for June delivery down 0.9% at $64.33 a barrel on the New York Mercantile Exchange.

The Crude Oil market is signaling a bear downturn with the breakout under the previous swing low opening up potential for a wash to 63.90. Trade is poised for follow through pressing declines 60.85. Any corrections will likely stay trapped below 65.98. 



 
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