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- WTI: OPEC+ supply increases to drive prices just below $70/b into Q3-2021 – TDS
WTI: OPEC+ supply increases to drive prices just below $70/b into Q3-2021 – TDS
FXStreet reports that strategists at TD Securities believe the upside for the black gold is quite limited.
“While we think that both WTI and Brent may move above their current $72.50/b and $75.38/b, there is limited upside for now as most of the positives have been priced. WTI is not expected to go much above $73.55/b. However, should OPEC+ continue struggling to deliver on the promised production increases, a move north of $75/b is quite likely.”
“OPEC+ supply increases should also start hitting the market before a demand recovery fully materializes, which may well drive prices just below $70/b into Q3-2021.”
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