14.05.2020 WTI Daily Analysis

14.05.2020 WTI Daily Analysis

OPEC slashed its expectations with the world oil demand to fall by 8.1 million barrels per day in 2020 to 92.6 million barrels per day, compared with the previous forecasts for a drop of  5.2 million barrels per day. It also slashed it's world oil demand forecast in its monthly report on Wednesday, to shrink by 9.07 BPD compared to its expected contraction 6.85 bpd last month. OPEC+ made an announcement that the organization will have more production cuts until the end of this year. Members will be cut by 9.7 million bpd in May and June, with a further 7.7 million cuts for the rest of the year. A meeting is also scheduled by the organization in June, in Vienna. U.S. West Texas Intermediate (WTI) crude (CLc1) futures went up by 4.71%, at $26.48. Meanwhile, The U.S. Energy Information Administration (EIA) reported a 745,000-million-barrel decrease in U.S. crude inventories, the first decline since the month of January. An increase of 4.147 million barrels was predicted by the Analysts by Investing.com.