Oil market sentiment remained depressed on Thursday, August 19 as prices continued to break through one support level after another. By the close, the Brent price slid 1.4% to $66.09/bbl, and WTI slipped 1.3% to $63.47/bbl.
The oil market, like other commodity markets, has been under heavy pressure from a rising dollar, which has retraced to highs last seen in autumn 2020. An upturn in US crude output stoked further market negativity, raising concerns about global oil demand.
Oil prices mustered an attempt to rise this morning, but the feeble attempt quickly fizzled out. By the time of writing, Brent was off 0.23%, dropping below $66/bbl, and WTI was trading 0.14% lower. Our Brent price forecast for today is in the range of $65.9-66.7/bbl.