Just as Oil Looked Poised to Break Out, Panic Sets In moneyshow.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyshow.com Daily Mail and Mail on Sunday newspapers.
World Bank says commodity prices will remain close to current recovery levels
WASHINGTON– The World Bank Tuesday said that commodity prices continued their recovery in the first quarter of 2021 and are expected to remain close to current levels throughout the year.
In its semi-annual Commodity Markets Outlook, the Washington-based financial institution said that the recovery is “lifted by the global economic rebound and improved growth prospects.”
However, the outlook is heavily dependent on progress in containing the coronavirus (COVID-19) pandemic and policy support measures in advanced economies and production decisions in major commodity producers.
Last week, the International Monetary Fund (IMF) noted that for Caribbean countries, labeled as “commodity exporters,” namely, Guyana, Suriname, and Trinidad and Tobago, economic growth is projected at six percent, up from the 4. 7 percent last year.
Oil Price Forecast: Move Below 50-Day SMA to Keep March Range Intact
2021-04-21 19:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil attempts to retrace the decline from earlier this week despite an unexpected rise in US crude inventories, but crude may continue to track the March range as the Organization of the Petroleum Exporting Countries (OPEC) plan to gradually restore production over the coming months.
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Oil Price Forecast: Move Below 50-Day SMA to Keep March Range Intact
The price of oil struggles to hold above the 50-Day SMA ($61.54) as it pulls back from a fresh monthly high ($64.38), and crude may face range bound prices ahead of the OPEC Joint Ministerial Monitoring Committee (JMMC) meeting on April 28 as US stockpiles recover after contracting for three consecutive weeks.
Halliburton Back in Black as North America Stages Healthy Recovery naturalgasintel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasintel.com Daily Mail and Mail on Sunday newspapers.