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International experts differ on oil market forecasts

Oil prices showed a sluggish upward trend on Thursday, April 8, with Brent rising just 0.34% to $63.12/bbl, while WTI advanced 0.35% to $59.83/bbl.

In a recent review, global rating agency Fitch praised the efforts of OPEC+ to stabilize the global oil market, calling the strategy of the countries participating in the agreement, including Russia, a winning one. However, investment bank Goldman Sachs, which in the spring of 2020 was one of the few global financial institutions that projected a fairly rapid recovery of the oil market in the second half of 2020, this year warns of an overhang risk for the market due to higher exports from Iran, which is not a party to the OPEC+ output reduction deal.

This morning, oil benchmarks have been declining in tandem: Brent is down 0.85%, slipping below $63/bbl, while WTI is off 0.86%, trading below $59/bbl. Our Brent price forecast for today is $62-63/bbl.

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