The oil market extended Friday’s gains on Monday, March 29, albeit at a more moderate pace, with Brent rising 0.96% to $64.91/bbl, and WTI advancing 1.28% to $61.56/bbl.
Today, a meeting of the OPEC+ technical committee will be held ahead of a meeting of the countries participating in the agreement, which is scheduled for April 1. According to media reports, Saudi Arabia intends to raise at the meeting the issue of maintaining the April output cut quotas in May and June, and Russia does not object, although it may request for itself (and likely Kazakhstan) permission to boost output production slightly more, i.e. in such a way that would not jeopardize price gains.
News about the dislodging of the container ship stuck in the Suez Canal has already been priced in by the market as Brent is down 0.11%, while WTI is off 0.13%. Our price forecast today for the Brent price is in the range of $63-65/bbl.