Oil prices extended gains on Wednesday, June 23. The Brent price action started out at $74.0/bbl. By the beginning of the North American session, the price had reached $75.3, retracing to a high last seen in October 2018. Prices drew support from the weekly DoE report, which unveiled a 7.6 mln bbl drawdown in crude inventories, while the median estimate expected a decline of only 3.6 mln bbl. By the end of Wednesday, the price action corrected to $74.7.
Following a brief pullback to $74.4 on Thursday morning, Brent climbed to $75.36 as of 9:50 GMT. Our anticipated trading range for Brent today is $74.2- $ 75.7. The medium-term range for Brent remains $71.4-$ 77.9/bbl.
To remind, Baker Hughes will release its weekly O&G rig count stateside on Friday.