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According to a report from Investing.
However, later on Monday, Colonial Pipeline stated that it plans to reopen the closed oil pipeline by the end of this week.
At the same time, OPEC has raised its demand for crude oil in 2021.
Positive economic data supports crude oil prices.
API reported next Tuesday that US crude oil supplies fell by 2.
Baker Hughes reported on Friday that as of May 7, the number of active drilling rigs in the United States increased by two, which also reflects the trend of US crude oil supply.
It is worth mentioning that crude oil prices are likely to remain firm above the key support levels of the 20-day moving average of $63.
Wang Jiajing excerpted and translated from Investing.
The original text is as follows:
OPEC Raised Oil Demand Forecast
WTI Crude oil is currently trading near $65.
However crude oil prices were under pressure on an easing of supply concerns after Colonial Pipeline said late Monday that it plans to reopen its shuttered pipeline by the end of this week gasoline prices soared to a 3-year high early Monday due to supply concerns after the Colonial Pipeline was shut down late last Friday.
Meanwhile, OPEC raised the 2021 demand estimate for its crude oil.
Positive economic data is supportive for crude oil prices.
However crude oil is negatively affected as China's Customs General Administration reported last Friday that the fuel demand in India has plunged as the recent surge in new Covid infections, India gasoline sales in April fell to 2.
API reported late Tuesday afternoon that US crude supplies fell -2.
Last Wednesday's weekly EIA data showed that US crude oil inventories as of Apr.
Baker Hughes reported last Friday that active US oil rigs rose by +2 rigs in the week ended May 7, rigmcount number is indicative of oil production in the US.
Crude oil prices are likely to trade firm while above the key support level of 20 days EMA of $63.
78 per barrel and 50 days EMA of $61.
94 per barrel.
Meanwhile, it may face stiff resistance around $67.
78 per barrel.
