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Oil prices trend higher on Middle East tip-for-tat

On Monday, April 12, oil prices logged marginal gains, with Brent adding 0.46% to $63.07/bbl, while WTI fared slightly better, up 0.66% to $59.74/bbl.

Israeli Prime Minister Benjamin Netanyahu said on Monday that Israel will not allow Iran to move ahead with its nuclear program, and Iran, in turn, said that after a terrorist attack on its nuclear facilities (of which the US media suspects Israeli intelligence services), it intends not only to continue, but also to ramp up the scale of uranium enrichment. That is, the Middle East once again “smells gunpowder,” although not too much, while any instability in this troubled region is a bullish factor for the oil market.

This morning oil prices are back on the rise, with Brent up 0.65% and WTI is trading 0.57% higher, once gain above the psychologically important $60/bbl level. As for Brent, our forecast for today is in the range of $62.5-64/bbl.

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