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Oil market is seeing demand

Oil prices took a breather from the downtrend on Thursday, July 8, and resumed their ascent.  In the upshot, Brent rose 1.4% to $73.92/bbl, and WTI also advanced by 1.4% to $72.58/bbl.

US commercial crude oil stocks recorded a drawdown of 6.87 mln bbl over the past week, although analysts expected a smaller draw of only 4.03 mln bbl. Thus, the market is experiencing a resurgence of oil demand, and a 540k bpd increase in OPEC+ oil output in June. Meanwhile, Platts analysts note that the bulls are not intimidated.

On Friday morning, oil prices have continued to see moderate gains, with Brent up 0.12%, exceeding $74/bbl, while WTI is 0.23% higher, holding above $72/bbl. Our Brent price forecast for today is in the range of $73.8-74.9/bbl.

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