World oil prices have resumed their growth. A barrel of Brent on October contracts now costs $47.68 (+0.7%). WTI futures with October delivery are trading around $44.80 (+0.9%). Ever since the market has taken the weak Chinese data into account, investor mood has perked up. Now we’re looking to the US Fed meeting and before it market activity will slow, whereas afterwards we can expect volatility.
Today API is publishing oil reserve numbers and tomorrow the EIA’s version will see the light of day. The consensus with regards to the forecast is showing that reserves will remain as they were last week. However, if the real data differs from the forecasts and the reserves are up for the third week in a row, we can expect to see oil markets falling again.
A barrel of Brent on Tuesday will trade in the $47.10-48.55 range. Sharp fluctuations should start on Wednesday evening and continue throughout Thursday.