Oil Price Fundamental Daily Forecast – Price Action Indicates Traders Believe Demand Will Outstrip Supply
- Date: 31-Jul-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Gulf
Oil Price Fundamental Daily Forecast – Price Action Indicates Traders Believe Demand Will Outstrip Supply
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading relatively flat on Friday in a lackluster trade as investors do a little position-squaring ahead of the weekend following a volatile, but profitable week.
The catalyst behind this week’s gains has been reduced to the simplest of terms: bullish traders believe that demand will continue to outstrip supply until at least the end of the year.
At 13:15 GMT, September WTI crude oil futures are trading $73.63, up $0.01 or +0.01%, and October Brent crude oil is at $75.13, up $0.03 or +0.04%.