The WTI (West Texas Intermediate) oil market has been experiencing fluctuations, with prices hovering below the $72.00 mark.
Crude Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth “for some time”.
It’s “possible” that oil will hit $100 a barrel this winter, but $80 to $90 is the expected range, said Marco Dunand, the chief executive officer of commodities trader Mercuria Energy Group Ltd.
OPEC+ left oil consumers in limbo, sticking to its plan of monthly production increases until July but refusing to give any hints about further moves until there’s clear evidence more crude is needed.
Crude oil edged higher toward $64 a barrel, aided by a weaker dollar, as traders monitored a patchwork demand recovery from the pandemic.
Crude Oil held losses in early Asian trading amid concern over near-term demand and dollar strength ahead of a closely watched OPEC+ meeting this week at which the group will decide on output policy.
Crude Oil Futures in New York edged higher Friday but are still down more than 4% this week after U.S. coronavirus cases started to rise again and some European countries renewed lockdowns in a setback for the recovery.