Crude futures pared losses posted earlier in the week and traded higher on Friday, May 21, with Brent adding 2.8% to $66.54/bbl, and WTI advancing 3.4% to $63.71/bbl.
The key driver for the market came amid suggestions from US Secretary of State Anthony Blinken that Iran has still not shown any signs of willingness to comply with nuclear commitments, as required to lift the sanctions. Furthermore, an analytical report by experts from British consulting company Wood Mackenzie, published at the end of last week, which concluded that the oil and gas industry will play a leading role until at least 2050 and forecast an increase in oil prices to $80/bbl by 2030, gave a shot in the arm to the market and put prices back on the growth track.
Oil prices are extending gains this morning, with Brent up 1.04% back above $67/bbl, while WTI is trading 0.9% higher, holding above $64/bbl. Our updated Brent price forecast for today is in the range of $66-68/bbl.