Crude Oil Price News and Forecast: WTI bounces back beyond $58.00 following upbeat stockpiles, mixed headlines
|WTI Price Analysis: On the back foot above multi-month-old support trendline, 200-day SMA
US oil output growth could decelerate by more than 50% next year due to capital discipline or austerity in the Permian Basin, America’s shale-oil engine, according to the U.S. Energy Information Administration (EIA).
Key points: "Supply to grow less than half a million barrels a day in 2021. Output is seen reaching 13.7 million barrels a day next year. Production is set to expand by 4."
WTI bounces back beyond $58.00 following upbeat stockpiles, mixed headlines
WTI stays mildly bid while taking the rounds to $58.25 during the early Thursday. The black gold recently recovered after the weekly report from the US and the US-China phase-deal signing in ceremony. Though, mixed trade/political news limit the oil benchmark’s upside.
The US and China signed the phase-one deal of their fresh trade relations on Wednesday. China agreed to cut its trade balance with Washington by $200 billion whereas the US dumped Beijing from the currency manipulator list were among the many clauses that were written.
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