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Guarded optimism prevails on the oil market

Oil prices continued to trend higher on Thursday, June 10, albeit at a slower pace. Brent rose 0.33% on the day to $71.99/bbl, within spitting distance of $72/bbl, while WTI advanced 0.49% to $69.93/bbl.

The ongoing uptrend in the oil market is underpinned by a number of reasons, including the June OPEC report released on Thursday, according to which OPEC+ compliance in May reached 125%, while oil and petroleum products inventories in OECD countries fell below the five-year average; and news that the Canada-US Keystone XL pipeline project was cancelled by the Biden administration. Conversely, media reports that the US lifted sanctions against some officials of the Iranian Ministry of Oil capped price gains.

This morning, restrained but confident bullish optimism holds sway on the market, with Brent up 0.3%, topping $72/bbl, and WTI trading 0.34% higher after retracing to the long-awaited high of $69/bbl. Our Brent price forecast for today is in the range of $72-73/bbl.

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