{"id":17865,"date":"2021-06-14T07:30:45","date_gmt":"2021-06-14T05:30:45","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=17865\/"},"modified":"2021-06-14T07:30:45","modified_gmt":"2021-06-14T05:30:45","slug":"the-near-term-outlook-for-oil","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/","title":{"rendered":"The near-term outlook for oil"},"content":{"rendered":"\n\n\n
\n

Gold<\/span>\u00a0 1864,06
\n(-0,67%<\/span>)<\/h4>\n<\/th>\n

\n

EURUSD<\/span>\u00a0 \u00a01,2102
\n(-0,06%<\/span>)<\/h4>\n<\/th>\n

\n

DJIA<\/span>\u00a0 34480
\n(+3,73%<\/span>)<\/h4>\n<\/th>\n

\n

OIL.WTI<\/span>\u00a0 71,235
\n(+16,57%<\/span>)<\/h4>\n<\/th>\n

\n

DAX<\/span>\u00a0 \u00a015722,50
\n(+3,57%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n

The price of black gold has been rising on world markets over the past week. The WTI crude oil price surpassed $70 a barrel. This is the first time in 2.5 years. Why is oil rising? And what to expect from it in the short term?<\/p>\n


\nOIL.WTI<\/strong><\/p>\n

\"OIL.WTI\"<\/p>\n

API data showed another drop of more than 2 million barrels in US oil inventories. The start of the summer season in the Western Hemisphere and the increased demand for petrol from motorists are having an impact. Optimism about this continues to drive prices higher.
\nThe second reason is the hope, not only of investors but of everyone in the developed world, that the COVID-19 pandemic is effectively over. The daily rise in new infections continues to steadily decline. Government health officials are making high-profile statements. The head of the Norwegian Ministry of Health, for example, has expressed the opinion that “the pandemic is largely over”.
\nWe will see epidemic outbreaks in developing countries for a long time to come. But they will not have a global impact on demand. The topic of coronavirus is likely to recede into the background in 2022.
\nAt the same time, according to the latest report from the EIA, the forecast for a recovery in US shale oil production in 2021 and 2022 has not changed much. Which gives support to black gold. After all, the rapid growth of shale production has completely tied OPEC’s hands.<\/p>\n


\nWhat could prevent the oil price from rising further?<\/strong><\/p>\n

The main risk factor is the OPEC cartel itself. Its overcapacity is more than 5 million barrels a day. It is clear that all this idle capacity, sooner rather than later, will start pumping oil again. This will immediately lead to a surplus of supply over demand.
\nAt the moment, OPEC’s large under-utilisation of capacity is fully incorporated into the price. Therefore, risks are constantly hanging over the market and speculators are trying to ignore them. Before the next OPEC meeting, however, there could be strong pressure on the price of black gold. In fact, many traders will want to lock in profits on the back of the most favorable situation.
\nIt is also important to understand the following. The spread between the benchmark grades of Brent and WTI has narrowed to just $2 a barrel. Historically, when that happens, the market is near its highs.
\nWhat will outweigh it in the end? We will find out in the next couple of weeks.<\/p>\n

06.30 Japanese industrial production for April
\n11.00 EU industrial production in April<\/p>\n

\n

Important Notes on This Publication: <\/small><\/p>\n

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold\u00a0 1864,06 (-0,67%) EURUSD\u00a0 \u00a01,2102 (-0,06%) DJIA\u00a0 34480 (+3,73%) OIL.WTI\u00a0 71,235 (+16,57%) DAX\u00a0 \u00a015722,50 (+3,57%) The price of black gold has been rising on world markets over the past week….<\/p>\n","protected":false},"author":37,"featured_media":17595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nThe near-term outlook for oil | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"The price of black gold has been rising on world markets over the past week. The WTI crude oil price surpassed $70 a barrel.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The near-term outlook for oil | Bernstein Bank\" \/>\n<meta property=\"og:description\" content=\"The price of black gold has been rising on world markets over the past week. The WTI crude oil price surpassed $70 a barrel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/\" \/>\n<meta property=\"og:site_name\" content=\"Bernstein Bank\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-14T05:30:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"455\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Wordpress Support\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Wordpress Support\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/\"},\"author\":{\"name\":\"Wordpress Support\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/#\/schema\/person\/f2be4e4423d78d9d97bf1e9a8db9fd48\"},\"headline\":\"The near-term outlook for oil\",\"datePublished\":\"2021-06-14T05:30:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/\"},\"wordCount\":615,\"image\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"ENH\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/\",\"url\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/\",\"name\":\"The near-term outlook for oil | Bernstein Bank\",\"isPartOf\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg\",\"datePublished\":\"2021-06-14T05:30:45+00:00\",\"author\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/#\/schema\/person\/f2be4e4423d78d9d97bf1e9a8db9fd48\"},\"description\":\"The price of black gold has been rising on world markets over the past week. The WTI crude oil price surpassed $70 a barrel.\",\"breadcrumb\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#breadcrumb\"},\"inLanguage\":\"ENH\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"ENH\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#primaryimage\",\"url\":\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg\",\"contentUrl\":\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg\",\"width\":800,\"height\":455,\"caption\":\"morning-news\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/bernstein-bank.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The near-term outlook for oil\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/#website\",\"url\":\"https:\/\/bernstein-bank.com\/en\/\",\"name\":\"Bernstein Bank\",\"description\":\"Bernstein Bank GmbH\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/bernstein-bank.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"ENH\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/#\/schema\/person\/f2be4e4423d78d9d97bf1e9a8db9fd48\",\"name\":\"Wordpress Support\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The near-term outlook for oil | Bernstein Bank","description":"The price of black gold has been rising on world markets over the past week. The WTI crude oil price surpassed $70 a barrel.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/","og_locale":"en_US","og_type":"article","og_title":"The near-term outlook for oil | Bernstein Bank","og_description":"The price of black gold has been rising on world markets over the past week. The WTI crude oil price surpassed $70 a barrel.","og_url":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/","og_site_name":"Bernstein Bank","article_published_time":"2021-06-14T05:30:45+00:00","og_image":[{"width":800,"height":455,"url":"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg","type":"image\/jpeg"}],"author":"Wordpress Support","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Wordpress Support","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#article","isPartOf":{"@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/"},"author":{"name":"Wordpress Support","@id":"https:\/\/bernstein-bank.com\/en\/#\/schema\/person\/f2be4e4423d78d9d97bf1e9a8db9fd48"},"headline":"The near-term outlook for oil","datePublished":"2021-06-14T05:30:45+00:00","mainEntityOfPage":{"@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/"},"wordCount":615,"image":{"@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#primaryimage"},"thumbnailUrl":"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg","articleSection":["News"],"inLanguage":"ENH"},{"@type":"WebPage","@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/","url":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/","name":"The near-term outlook for oil | Bernstein Bank","isPartOf":{"@id":"https:\/\/bernstein-bank.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#primaryimage"},"image":{"@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#primaryimage"},"thumbnailUrl":"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg","datePublished":"2021-06-14T05:30:45+00:00","author":{"@id":"https:\/\/bernstein-bank.com\/en\/#\/schema\/person\/f2be4e4423d78d9d97bf1e9a8db9fd48"},"description":"The price of black gold has been rising on world markets over the past week. The WTI crude oil price surpassed $70 a barrel.","breadcrumb":{"@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#breadcrumb"},"inLanguage":"ENH","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/"]}]},{"@type":"ImageObject","inLanguage":"ENH","@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#primaryimage","url":"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg","contentUrl":"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/morning-news.jpg","width":800,"height":455,"caption":"morning-news"},{"@type":"BreadcrumbList","@id":"https:\/\/bernstein-bank.com\/en\/the-near-term-outlook-for-oil\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bernstein-bank.com\/en\/"},{"@type":"ListItem","position":2,"name":"The near-term outlook for oil"}]},{"@type":"WebSite","@id":"https:\/\/bernstein-bank.com\/en\/#website","url":"https:\/\/bernstein-bank.com\/en\/","name":"Bernstein Bank","description":"Bernstein Bank GmbH","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bernstein-bank.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"ENH"},{"@type":"Person","@id":"https:\/\/bernstein-bank.com\/en\/#\/schema\/person\/f2be4e4423d78d9d97bf1e9a8db9fd48","name":"Wordpress Support"}]}},"_links":{"self":[{"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/posts\/17865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/comments?post=17865"}],"version-history":[{"count":0,"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/posts\/17865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/media\/17595"}],"wp:attachment":[{"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/media?parent=17865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/categories?post=17865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bernstein-bank.com\/en\/wp-json\/wp\/v2\/tags?post=17865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}