Oil Market Forces And Indicators Have Changed. What Traders Need To Know Now – Investing.com

Oil Market Forces And Indicators Have Changed. What Traders Need To Know Now – Investing.com

This oil market is different from anything traders have experienced before, in part because the stabilizing forces and traditional indicators have been turned on their heads.

Here is a look at what some banks, agencies and economists see for the future of oil this year. Below you will also find a look at how OPEC+ might affect the market, with its next meeting scheduled for a week from yesterday. (Note, OPEC+ may or may not hold a meeting next week on Apr. 28—the decision is still being made).Diverse Opinions On Prices, Supply And DemandOil prices have been relatively stable in April, with hovering close to the $60 per barrel mark and a few dollars more. Some analysts, like those at Goldman Sachs and , think that prices will rise to $80 per barrel or near that this summer. Indeed, they see demand for petroleum growing to record levels and pandemic restrictions relaxing in Q3.

Others are more skeptical as are now rising and European countries are looking to place more restrictions on travel.

WTI Weekly Chart

The U.S. Energy Information Administration (EIA), in its Short Term Oil Outlook, sees oil supply and demand converging in Q3 this year and then