FXStreet reports that Bart Melek, Head of Commodity Strategy at TD Securities discusses WTI oil prospects.

“Economic data continues to show the negative impact of the second round of COVID-19 and vaccine program rollouts across the world have left much to be desired, which had many observers downgrading their demand estimates for 2021. There is also a risk that OPEC+ discipline and compliance may be peaking in Q1, as the higher price environment incentivizes nations to release the excess capacity into the market down the road. As such, there are risks that crude oil may migrate a few dollars lower over the relative near-term as demand returns into Q2 and OPEC+ responds with new supply. We project WTI to trade at around $55/bbl for most of 2021.”