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Friday’s oil rally fizzles

The oil market attempted on Friday, March 19 to pare steep losses sustained in the previous session. By the end of the day, Brent close 3% higher at $64.34/bbl, and WTI rose 3.2% to $61.41/bbl, but overall the market failed to win back last week’s losses.

Most likely, the reason for Friday’s rally was news that the Yemeni Houthi rebels once again attacked Saudi Arabian oil facilities. However, on Friday evening, state-owned Saudi Aramco announced that its refinery, despite attempted terrorist attacks, was up and running as usual, so at that point the rally fizzled out.

This morning oil prices are in decline and there is a good chance that the market could swing back and forth between losses and gains until the OPEC+ meeting on April 1. At the time of writing, Brent was down 1.15% and WTI was off 1.25%. Today we expect to see Brent trade in the range of $62.5-64.3/bbl.

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