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Brent is heading for $70/bbl

After spiking up to local highs on Tuesday, oil prices trended lower on Wednesday, May 5. Brent dropped $0.94 to $68.51/bbl, while WTI slid 1.2% to $65.27/bbl.

As it turned out, the alleged Islamic State militant attack on the Bay Hasan oil field in the Iraqi province of Kirkuk a few days earlier was not as devastating as anticipated, prompting market participants to take profit. However, US oil inventories released on Wednesday put the bulls back in the driver’s seat as crude stockpiles fell by a whopping 7.99 mln bbl, whereas the market was expecting a drawdown of only 2.35 mln bbl.

The bulls are on the move again this morning in the wake of yesterday’s upbeat inventory report, with Brent up 0.82%, closing in on the psychologically important $70/bbl level, while WTI is trading 0.78% higher above $65/bbl. Our Brent price forecast for today is in the range of $68.70-70.00/bbl.

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