WTI price climbed above $90 per barrel on Thursday, amid rising demand and supply constraints. WTI reached $90.7 per barrel, its highest level since October 2014. Brent crude price climbed above $91 per barrel on Thursday and many analysts predict it will reach three-digit figures within the year.
Mounting geopolitical tensions between Russia and Ukraine as well as in the Middle East have sent the price of oil up since the beginning of the year. An escalation of the Russian-Ukraine conflict might create an energy crisis, especially for the EU, driving the price of oil further up.
On Wednesday, OPEC+ agreed to increase its output by another 400,000 barrels per day, matching last month’s increase in output, amid pressures to increase supply in the face of rising demand. Some of its member countries struggle to meet their output goal though, raising doubts on whether the organization will be able to deliver the amount promised. Supply shortages are driving the price of oil up, as cold weather descends on the US, and existing inventories are tight.
WTI is moving in an uptrend and the outlook for the commodity is bullish. In case the uptrend is reversed, support may be found at the $82.4 per barrel level and further down around $78.8 per barrel and $77.8 per barrel.
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