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Oil market in disarray

Upside momentum in the oil market resumed and picked up on Tuesday, July 13. The Brent price rose 1.4% to $75.85/bbl, again consolidating above the psychologically important $75.00/bbl mark, while WTI also advanced 1.4% to $74.56/bbl.

In its monthly oil market report, the IAE said it expects global oil demand to rise by 5.4 mbpd this year and by a further 3 mbpd in 2022, largely unchanged from last month’s forecast. According to the agency, OPEC+ compiled with 114% of its agreed output curbs in June.

This morning, benchmark crudes are showing chopping performance, with Brent ticking up 0.04%, and WTI edging down 0.02%. Our Brent price forecast for today is in the range of $75-77/bbl.

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