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Oil rally takes a breather

The rally slowed down sharply on Wednesday, August 25, whereas the local growth trend still persisted. On the day, Brent rose 0.78%, again exceeding $71/bbl and closing around $71.02/bbl, while WTI advanced 0.64% to $67.96/bbl.

According to yesterday’s EIA report, crude inventories fell by 2.9 mln bbl over the past week, exceeding the expectations of analysts who had predicted a drawdown of only 2.7 mln bbl. A slowdown in the third wave of Covid and China and a number of other Asian countries, together with the distribution of financial assistance from the IMF to the fund's member countries, are also creating a positive background for the oil market.

Oil prices are correcting lower today following the recent rally and ahead of the Jackson Hole symposium that starts today. In the upshot, Brent dropped 0.55%, but still holds above $71/bbl, while WTI is off 0.7% by the time of writing. Our Brent price range for today is again $69.8-71.0/bbl.

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