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Fed script crimps oil gains

Oil prices continued to trade on a smooth downward trajectory on Thursday, May 6. Brent fell 0.6% to $68.09/bbl on the day, while WTI slid 0.65% to $64.84/bbl.

The bulls lacked the momentum to push Brent up to $70/bbl even though the news flow was quite favorable. For example, India’s Covid infection rate is soon expected to reach a plateau. However, remarks from Fed officials that the prices of financial assets, including futures contracts, look inflated, dampened buying sentiment.

This morning, prices are in decline again, albeit at a slow pace, with Brent down 0.13%, and WTI off 0.1%. Our Brent price forecast for today is in the range of $68-69/bbl.

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