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Oil resumes ascent after breather

Oil prices took a breather on Thursday, August 26 in the wake of a three-day rally. By the close, Brent fell 0.9%, retreating from $71/bbl and ending the trading session at $70.38/bbl, while WTI price slid 0.62% to $67.54/bbl.

The strengthening of the dollar amid hawkish statements by Fed members about the need to curb monetary stimulus sparked a selloff in crude futures. However, as it turned out, yesterday's decline was merely a brief hiatus before the market extended gains.

On Friday morning, oil began to head north after media reports that Iran intends to restore relations with OPEC (although no specific methods or timeframe were given). By the time of writing, Brent was up 1.3%, again holding firmly above $71/bbl, while WTI was trading 1.5% higher, exceeding the $68/bbl mark. Our Brent price forecast for today is in the range of $ 70-71/bbl.

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