After a strong December, which saw WTI crude oil gain value, concerns regarding the potential for oversupply may be causing consolidation. Gold Price Prediction – Gold Seasonally Rallies In January; 2020 was a Robust Year . In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. Speculators should be cautious within the energy sector in January and it may prove wise not to anticipate gigantic gains and grab profits when possible. font-size: 19px!important; display: block; Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. EIA now forecasts OPEC crude oil production will average 25.7 million b/d in the first quarter of 2021, which is 1.7 million b/d lower than forecast in … The shadow of too much oil supply in the market causes concerns because demand may not be enough to allow for a stable value in the commodity, meaning that too much supply could cause the price of WTI crude oil to lose value. order: 0; padding: 7px 10px; Projection of the wholesale price of crude oil in the United Kingdom (UK) 2020-2035; Global oil and gas price ratio 1994-2018; United Kingdom (UK) oil price forecast in U.S. dollars 2017-2024 Crude oil prices soared these last two months largely thanks to improving global GDP growth outlook, but the commodity could face hurdles headed into 2021 … As a leveraged product losses are able to exceed initial deposits and capital is at risk. “Our analysts in the secretariat anticipate that crude oil demand will shift from reverse to forward gear and rise to 95.9 million b/d this year, a gain of 5.9 million b/d from 2020. background: linear-gradient(0deg, rgba(43, 6, 0, 1) 0%, rgba(241, 118, 17, 1) 53%, rgba(237, 255, 0, 1) 100%); Fitch Solutions has maintained its 2021 Brent forecast, with the benchmark set to average US$53 per barrel in 2021, as the Organization of the Petroleum Exporting Countries (OPEC) looks poised to regulate oil supply based on monthly changes in the demand outlook; the global roll-out of Covid-19 vaccines also provides a boost to global economic recovery and fuel demand. font-size: 21px !important; If the 50.00 mark is broken it could cause volatile speculation and a run up to 53.50 USD. Brent crude oil prices will average $41.42 per barrel in 2020 and $49.53 per barrel in 2021 according to the most recent forecast from the US Energy Information Administration's (EIA) monthly, International Monetary Fund, in its latest release of the, Oil price forecasts depend on the interaction between, However, in January, oil prices lost all the gain accumulated since October due to the, In early March, OPEC and non-OPEC partner countries failed to reach an agreement on the production cuts. background: #ffc508; “China’s broad-based recovery forecast stands at about 6.9 per cent for 2021 and provides a beacon of hope for other economies, in the region and beyond. Did you like what you read? Make sure to read this interesting forecast and make your prediction! .right290 img{ WTI Crude Oil Outlook for January: Speculative price range for WTI crude oil is 45.50 to 53.50 USD. We work hard to offer you valuable information about all of the brokers that we review. However, as the calendar progressed, WTI found fundamental values and the past few months have returned to normal market conditions for speculators to participate. LONDON (ICIS)--Crude oil demand in 2021 is expected to rise by 5.90m bbl/day, down slightly from previous estimates, on the back of woeful transportation, but demand for petrochemicals is set to remain healthy, the producing cartel OPEC said on Monday. } Jan 6, 2021 Oil Price Outlook: Crude Breakout Spills into 2021- Resistance Ahead Jan 6, 2021 Crude Oil, Gold, Silver Outlook: Short Bets Hint Prices May Rally to Resistance Market Data width: 150px; High price 54.79, low 50.83. Fertilizer prices to rise moderately in 2021 (12/23/20) Raw material commodity prices gain momentum amid stronger demand (12/18/20) Beverage commodity prices to stabilize amid stronger demand and ample supplies (12/15/20) The outlook for metals: resilience and cautious optimism (12/8/20) Global food commodity prices in a post-COVID world (11/26/20) Our tools allow individuals and organizations to discover, visualize, model, and present their data and the world’s data to facilitate better decisions and better outcomes. Read full article. However, technically, WTI crude oil does continue to look rather strong and support levels have certainly proven adequate for traders. Support at 47.00 USD appears solid, but if bearish momentum grows a test of 46.50 could develop and a potential low of 45.50 looks possible technically. From antiquity to 2015, about 5.4 billion carats of diamonds have been mined from the Earth's surface. You can change your personal cookie settings through your internet browser settings. text-align: center; Please make sure your comments are appropriate and that they do not promote services or products, political parties, } The key drivers of the oil price in early 2021 are expected to include COVID-19, oil demand, US shale, Libya, India and China. .right290 { Please note that with contracts for difference (CFDs) you can benefit from both upward and downward oil price trends. LiteForex analysts take an in-depth look at the future price of crude oil. This is the basis of our crude oil price forecast for 2020 and 2021! Leverage our AI Workflow Tools and online data environment to manipulate, visualize, present, and export data. font-style: normal !important; Take advantage of today's Crude Oil movements, This site is protected by reCAPTCHA and the Google, Jump Start Your Forex Trading - Free eBook, Dow Jones 30: Positive Sentiment Demonstrating Record Value, EUR/USD Technical Analysis: Stronger Bullish Control, House Approves Additional Stimulus, Dollar Weakens, GBP/USD Technical Analysis: COVID-19 Triggers Sell-Offs, USD/JPY Technical Analysis: Very Limited Movements. Forecast of Crude Oil Price (WTI) Below is a forecast of light, sweet crude oil prices that is based on prior values of both WTI and Brent crude oil prices, global oil production and consumption, crude oil inventories, currency exchange rates, and other commodity prices. border-radius: 8px; Crude Oil Video 08.01.21. The Energy Data Brief offers key statistics designed to help energy market watchers anticipate and respond to developments in the energy sector as well as changes in related industries and investments. The IMF has forecast Iraqi crude price at $39.50/b in 2021 compared with $36.30/b in 2020, based on the latest Iraqi discussions with the fund. The price of fuel is very much influenced by supply-and-demand dynamics, which are forecast to improve in CY-2021. margin: 0 0 10px !important; Speculative price range for WTI crude oil is 45.50 to 53.50 USD.