FXStreet reports that Bart Melek, Head of Commodity Strategy at TD Securities, expects WTI to edge lower towards the $65 level.

“OPEC+ commitment to increase supply by 400,000 b/d in each of the coming months should make the market looser than previously expected. The recent increase in yields across the curve, a firmer USD along with less risk appetite post taper announcement could be another set of factors likely bringing crude lower for a time.”

“The sharp drop in US net exports suggests that international demand is still soft due to COVID-19. As such, a WTI move back to $65/b in the near-term would not be a big surprise.”