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Brent looks range-bound at $66.8-68.2

Oil prices attempted to move higher in early trading on Monday, March 15, but fell back by the close. The Brent price gapped slightly higher from $69.1 after the weekend. In post- and pre-market trading, oil made several unsuccessful attempts to reach $69.7. This was followed by a decline to $67.5, and Brent day ended the day slightly higher, near $68.5.

Benchmark Brent continued to trend lower on Tuesday, March 16, dipping a tad below Monday's lows by 10:00 GMT. The likely trading range for the rest of the day is $66.8-$ 68.2. The medium-term range for Brent still remains $66.2-71.0/bbl. The American Petroleum Institute (API) petroleum inventory report will be released late this evening. To remind, last week crude inventories registered a build of 12.8 mln bbl.

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