Oil prices declined gradually on Monday, April 26 as Brent shed 0.44% to $65.09/bbl, and WTI closed 0.24% lower at $61.04/bbl.
The OPEC+ joint technical committee meeting voiced concern on Monday about a new Covid-19 outbreak in India and several Latin American countries as well as the pandemic’s possible negative impact on global oil demand. This morning, the media wired that the OPEC+ ministerial monitoring committee meeting and the ministerial meeting of the countries participating in the output cut agreement will take place today, that is, a day ahead of schedule, putting the market back on the front foot.
This morning, oil prices are back on the rise in anticipation of news from OPEC+, with Brent up 0.7%, and WTI trading 0.8% higher. Our Brent price forecast for today is $65-66/bbl.