Here is our new video about Crude Oil Forecast April. Crude oil price fell by more than 6% last week on demand uncertainty. European countries are eyeing another wave of lockdowns which fuels worries about a drop in demand for fuel products. On Friday WTI crude dropped to $58.20 in a panic selloff. Is the Friday dip a buying opportunity for Crude oil April 2021?
Headwinds related to European Union demand are bringing down Crude oil forecast for April. France and Germany have extended their lockdown measures to tackle the sharp rise in COVID-19 infections. Some other European countries have entered a third wave of lockdowns. Crude oil forecast today is influenced by the slow vaccine roll-outs that have raised some questions over how quickly Europe can recover after the pandemic.
US drillers have also started to take advantage of the rise in WTI oil price this month, adding the most rigs for extracting oil since January in the week through Friday. According to analysts, Crude oil is still a long way from full demand recovery considering the pandemic volatility.
The crude oil forecast next week might see a boost by optimism on the future broad outlook of the market. Goldman expects rapid WTI crude oil market rebalancing in the coming months and sees the price for Brent reaching around $80. The pullback now might be an ideal buying opportunity for those bullish on WTI crude oil price over the summer.
Watch the full video for our take on Crude oil April 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 April. To be notified about the latest WTI crude oil forecast and news, subscribe to Capital.com, and click that notification bell.
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