WTI has bounced back to an important technical level, the 100-DMA resistance ($39.68/bbl), following the recent petroleum Status Report statistics and positive US macro data from Wednesday morning. Bart Melek, Head of Commodity Strategy at TD Securities, expects the black gold to surge above the $41.70/bbl resistance. Key quotes “Following a disappointing several weeks, crude oil stocks unexpectedly started to decline at a rapid rate once again— posting a 1.98 M draw vs an expected build of 1.0 M bbls. This, along with steadfast demand and a surprisingly large distillate inventory decline of 3.2 M bbls (vs expected 1.2 M decline) suggests that the market is very likely to put to rest much of the concern that demand is going in reverse.” “With a vaccine and effective therapeutics on the horizon, talk of a new US fiscal program and election-related uncertainties ebbing as November nears, demand growth should resume into 2021. As OPEC+ continues to give a message pointing to a steadfast commitment to rebalancing markets, the current inventory overhang will increasingly become less of a problem.” “Considering our global supply-demand view into 2021, along with the state of inventories and US production, we expect WTI crude to shoot through resistance toward $41.70/bbl in the not too distant future.” “Longer-term, we continue to see WTI crude prices to trend in the mid-$40s/bbl in the latter part of 2020, early 2021.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD to trade around 0.65 for the next few quarters – ANZ FX Street 2 years WTI has bounced back to an important technical level, the 100-DMA resistance ($39.68/bbl), following the recent petroleum Status Report statistics and positive US macro data from Wednesday morning. Bart Melek, Head of Commodity Strategy at TD Securities, expects the black gold to surge above the $41.70/bbl resistance. Key quotes “Following a disappointing several weeks, crude oil stocks unexpectedly started to decline at a rapid rate once again— posting a 1.98 M draw vs an expected build of 1.0 M bbls. This, along with steadfast demand and a surprisingly large distillate inventory decline of 3.2 M bbls (vs expected 1.2 M… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.