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Oil market needs positive news

The downturn in oil prices gathered momentum on Tuesday, August 17 as Brent slipped 1% to $ 68.63/bbl, and WTI slid 1.28% to $66.27/bbl.

It looks as though the oil market is concurrently pricing in several negative events: turmoil in Afghanistan and new lockdowns due to the Delta variant (for example, in New Zealand). The Brent price is approaching the $68/bbl support level, and if it bounces off this level, the price action could retrace to $70, but in order for this to happen, the market needs some positive news, which so far is nowhere in sight.

Today, oil prices are experiencing an upward correction, albeit at a sluggish pace. By the time of writing, Brent was up 0.50%, while WTI is trading 0.38% higher. Our Brent price forecast for today is in the range of $68.5-70.0/bbl.

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