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Brent could still take a run at $70/bbl

Crude futures resumed their ascent on Monday, May 17, with Brent advancing 1.1% to $69.28/bbl, and WTI gaining 1.3% to $66.32/bbl.

The rally was most likely driven by reports that restrictions on domestic tourism are being lifted in the US, which could push up demand for petroleum products. Furthermore, Russian Energy Minister Alexander Novak said in an interview on Monday that the oil price level of $62-66/bbl "reflects the current market situation".

Oil prices are extending gains this morning, with Brent trading a tad above the psychologically important $70/bbl mark, while WTI is trading 0.73% higher, closing in on $67. Our Brent price forecast for today is in the range of $69-70/bbl.

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