Oil is on a tear with prices soaring substantially, although the tide could be turning. After wild rumors and large numbers pencilled in for expected
supply cuts from OPEC+ members, it looks like no more announcements will be made as a large deficit is projected by Goldman Sachs. This could mean that the Crude Oil price is about to see some profit-taking, but traders await further confirmation of more OPEC+ members and their possible firm commitments toward supply cuts.
Analysts at Goldman Sachs calculated that after all the announced cuts, OPEC+ would have a 2.3 million barrels per day deficit under current demand. Some announcements might be eased lower or even be recalled. All eyes on the American Petroleum Institute at 20:30 GMT on Tuesday for its weekly print. Previous reading was a drawdown of 11.486 million barrels. Any buildup in the stockpile could further weaken oil prices.
On the downside, a temporary bottom is being formed around $77.50, which acted as a base for this week. Should the Baker Hughes Rig Count jump substantially higher, expect to see the floor tested as more supply is bound to come online. Once bears make it through that yellow box level, expect to see more downside toward $74 before finding ample support to slow down the sell-off. WTI Oil is a type of Crude Oil sold on international markets.
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