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Oil market again dogged by weak demand

Crude futures fell slightly on Monday, June 7, capping nearly a week of gains. Brent slipped 0.22% to $71.28/bbl, and WTI dipped 0.20% to $69.07/bbl.

The correction may have been triggered by a Bloomberg report, according to which a number of tankers have been floating off European shores for 2-3 weeks carrying several million barrels of oil from the North Sea. Agency experts conclude that such a situation could send quite a strong bearish signal to the oil market that European oil demand has not yet recovered.

This morning, the decline in oil prices has picked up, with Brent currently trading down 0.93%, below $71/bbl, while WTI dropped 0.92% and is currently hovering below $69/bbl. Our Brent price forecast for today is in the range of $70.5-71.5/bbl.

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