Oil prices have been on an upward trajectory on Thursday, July 29: with Brent rising 1.42% to $74.75/bbl, testing the $75 mark, while WTI also advanced 1.42% to $73.07/bbl.
A weakening dollar, compounded by fears of a shortage of oil, led to the rise in crude futures. Shell CEO Ben van Beurden said that, in line with the company's forecasts, a deficit could materialize this year, which jolted the oil bulls into buying.
Oil prices have been correcting slightly lower on Friday morning, although mild gains have been seen sporadically. By the time of writing, Brent was up 0.02%, while WTI was trading 0.03% higher. Our Brent price forecast for today is $74-75/bbl.