WTI Crude Oil Under Pressure Ahead of OPEC+ Meeting

WTI crude oil prices are trading bearish as markets continue to focus on concerns about weakness in demand ahead of a meeting between OPEC

WTI Crude Oil Under Pressure Ahead of OPEC+ Meeting

Early on Tuesday, WTI crude oil prices are trading bearish as markets continue to focus on concerns about weakness in demand ahead of a meeting between OPEC and its allies. At the time of writing, WTI crude oil is trading at around $37.21 per barrel.

Oil traders and producers around the world continue to revise their forecasts for oil demand lower for the year even after most countries ease lockdown measures and reopen their economies. The severe economic downturn globally is expected to keep oil demand under pressure, causing oil prices to remain weak.

About weak demand concerns, crude oil prices received yet another blow over reports that Libya is set to remove the blockade on its oil facilities after several months. Once Libya restarts production, it could increase the supply of oil in markets even as demand fails to pick up, possibly driving a glut.

Meanwhile, US oil prices received some support from an improvement in risk sentiment in markets with Wall Street closing Monday on a high note. The optimism in stock markets was driven by renewed hopes for a vaccine against COVID-19 and a rise in multi-billion dollar deals.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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