Oil prices resumed their ascent after declining within the same tight band, albeit within the same range on Wednesday, September 8. By the close, Brent rose 1.35% to $72.3/bbl, and WTI advanced 1.4% to $69.16/bbl.
Baker Hughes forecasts an increase in oil demand in Q4 and its continuation throughout 2022, encouraging the bulls to jump back into the oil market. Sentiment was shored up by last evening’s API report, according to which crude oil inventories showed a drawdown of 2.88 mln bbl.
This morning, oil prices are back in decline ahead of the release of the EIA inventory report, with Brent off 0.24%, but still rangebound at $71-72/bbl, while WTI is down 0.3%, below $68/bbl. Our Brent price forecast for today is $72-73/bbl.