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Oil retraces to early-August highs

The oil rally resumed with renewed impetus on Thursday, September 2. The Brent price soared 2.01% to $72.56/bbl on the day, retracing to levels seen in early August, while WTI surged 2.12%, also retracing to the local high of $69.53/bbl.

Confirmation by OPEC+ countries at the September 1 meeting regarding the commitment to boost oil output in September by 400 kbpd allayed market fears about wrangling among the alliance and helped stoke buying. Furthermore, the aftermath of Hurricane Ida in the US has prompted the market to expect shortages, pushing prices higher.

Oil prices are back on the rise this morning, with Brent up 0.33%, while WTI is 0.19% higher. Our Brent price forecast for today is in the range of $72-73/bbl.

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