Oil prices are correcting after a sharp growth on Monday evening. A barrel of North Sea Brent now costs $48.18 (-1.6%). Futures on light WTI with October delivery are going for $45.91 (-2.3%). WTI shot up by more than 4% yesterday due to a decline in market supply.
Investors now do not have enough new drivers, so trading participants are using the data they have at the moment to make their analyses. Having cross referenced OPEC forecasts for oil price growth with Baker Hughes data on the number of drilling rigs, investors have come to the conclusion that oil is likely to head upwards slightly. The market is currently correcting these expectations.
In the second half of today, the API is publishing its numbers for last week’s US oil reserves. The EIA’s version of this data will come out on Wednesday. It’s believed that the numbers will show a 0.933 million barrel fall after the previous reports’ 2.104 million fall.
Brent today is to stay in a range of $47.90-48.45, with WTI trading in a $45.60-46.85 corridor.