Oil rises on lower stockpiles in U.S.
Oil under the bullish pressure today after the released data indicated U.S. crude stockpiles were shrinking and an OPEC report predicted an undersupplied market this year. Crude stocks in the United States were down by 8.2 million barrels, American Petroleum Institute data showed. Bullish pressure on oil intensified after Mohammad Barkindo, Secretary General of OPEC said on Tuesday that demand is expected to rise by 6 million barrels per day (bpd) in 2021, with 5 million bpd of that coming in the second half of the year .In addition to this OPEC+ is expected to discuss extending its deal on cutting oil supply beyond April 2022, after a panel set up by the group warned of “significant uncertainties” and the risk of an oil glut next year – which is also adding to the bullish pressure on oil.
Expect buyers on downward corrections.
Next resistance to watch – 75.65
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