Price Forecast of The Crude Oil Market Continuing Resistance

Trading sessions in the Crude Oil Market witnessed on May 26, 2021, expressed a temporary pullback, gradually turning to an inclining ascend reaching towards the top. The West Texas Intermediate Crude Market has significantly observed a pullback depicting as low as $66.21, settling 0.2% level understood to be a prominently large physiological figure.

Last week ending Crude Oil stocks in the US were 1.7 million barrels according to the weekly estimation published by the US Energy Information Administration (EIA), which was established on Wednesday, May 26. The prior estimates derived by Market analysts anticipated a decrease of 1.05 million barrels. The Market observes higher crude settlement with a drop in US crude stockpiles reinforcing expectations of elevating demand during the peak time of the summer season.

Analysts observed the Brent to settle up for 0.3% to $68.87 per barrel. Both the benchmark Market witnessed losses owing to the government data observing US crude stocks concentrates at Cushing, Oklahoma. As a result, the storage hub underwent a major drop the earlier week ever since March 2020 as determined by the analysts wherein the utilization was studied to have ramped up similar to the pre-pandemic levels.

Andy Lipow, president of the Lipow Associates in Houston, Texas, shared that the prices of crude oil shall portray stable support during summer, particularly with the return of Iranian keeping the prices from reaching their apex. This has been accompanied by a close watch of the largestplayers on the developments associated with the Iranian-US nuclear talks with the probability of lifting sanctions on Iran’s energy industry releasing Iranian Oil in the Market.