West Texas Intermediate (WTI) Oil Wednesday, May 12
The Energy Information Administration (EIA) said in its latest monthly report on Wednesday that demand in the oil market will grow as India emerges from the Corona crisis.
The following points are mentioned in a part of this report:
Supply growth is currently due to increased oil production in Canada and Brazil.
According to OPEC, this supply is not in line with the level of demand, and the level of demand could fall due to the corona epidemic.
Forecast for oil demand in Europe in the first quarter of 2021 fell by 270,000 barrels to 5.4 million barrels per day. The forecast for the United States during this period was a decrease in demand of 515 thousand barrels per day.
Following the release of this monthly report, West Texas Intermediate crude traded up 0.62% at $ 65.64 a barrel at the time of writing.