Positive OPEC report on future expectations

June 11, 2021 15:00

During yesterday's session, as we discussed in our analysis, OPEC published its monthly report in which we could see its expectations for the future. In the report, OPEC was very optimistic about the recovery of consumption, with the organisation predicting that it will have to increase its production during the coming months in order to meet demand next year.

As we can see in its own report, in 2022 there is enough margin for each member of the group to increase its production by 1.4 million barrels per day. This report was welcomed by investors, boosting both the price of a barrel of Brent and WTI to over $72 and $70 respectively.

From a technical perspective, so far this month Brent is experiencing a new upward momentum that is leading it to rise about 5% since the beginning of the month. After rising 3.25% last week, it finally managed to surpass the level of $70 per barrel closing the week at $71.89 dollars, after OPEC and its allies kept intact the current programme of cuts in production on Tuesday.

In today's session the price remains for the moment above $72 per barrel in an area close to its current resistance level in the green band. We will have to be attentive to the evolution of the price and see if it is able to overcome this level after this positive report or, if on the contrary, it makes a retracement to its support level at the psychological level of $70 in search of a new impulse. The breakout of its current resistance level could trigger a bullish rally in search of its long-term downtrend line and $80 per barrel.

Source: Admiral Markets MetaTrader 5. Weekly Brent chart. Data range: November 16, 2014 to June 11, 2021. Prepared on June 11, 2021 at 12:00 pm CEST. Please note that past returns do not guarantee future returns.


Evolution in the last 5 years:

  • 2020: -21,52%
  • 2019: 22,68%
  • 2018: -19,55%
  • 2017: 17,69%
  • 2016: 52,41%


With the Admirals Trade.MT5 account, you can trade Contracts for Differences (CFDs) of Brent and more than 3000 stocks! CFDs allow traders to try to profit from the bull and bear markets, as well as the use of leverage. Click on the following banner to open an account today:


The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets trademark (hereinafter “Admiral Markets”) Before making any investment decisions please pay close attention to the following: 

  1. This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
  2. Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
  3. With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
  4. The Analysis is prepared by an independent analyst, Roberto Rojas (analyst), (hereinafter “Author”) based on their personal estimations.
  5. Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.
  6. Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
  7. Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.
Admirals An all-in-one solution for spending, investing, and managing your money

More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.