Here is our updated video about Crude Oil forecast August 2021. WTI crude oil price hit $62.84 earlier today on FED signaling it might pare back the bond-buying program. There are also concerns about the delta variant of the Covid-19 virus hindering the global economic recovery which will likely continue to put pressure on Crude oil August 2021.
Crude oil August also hit a three-month low and is near a major support zone around the $65 area. Our Crude oil forecast today also shows Crude oil price has failed to break consistently below that level in the past, however, current market bearish sentiment should not be overlooked.
Some disruptions in China are also affecting our Crude oil forecast next week. Earlier this month, China partially closed one of its biggest ports and major oil hub on coronavirus cases causing troubles for its supply chain.
WTI crude oil is also hindered by analysts warning that more port closures could be on the way. An inventory drawdown of 3.2 million barrels also couldn’t lift WTI crude for long.
Watch the full video for our take on WTI oil price and a deeper insight into what to expect in the weeks ahead from our Crude oil forecast. Drop us a line in the comments with your thoughts on Crude oil August price.
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