A mild downward correction continued in the oil market and even slightly picked up momentum on Monday, September 6. By the close, Brent dropped 0.71% to $71.82/bbl, and WTI price shed 0.69% to $68.57/bbl.
According to US media reports, in the aftermath of Hurricane Ida, 84% of oil production and 81% of gas production in the Gulf of Mexico are still shut in, which is a bullish factor for the oil market. However, statements by top US infectious disease expert, Anthony Fauci, that the new vaccine-resistant mu variant of Covid is being studied in the United States, slightly dampened market optimism.
This morning, oil prices rebounded within a narrow range on positive news about record-breaking growth in Chinese imports, including imports of raw materials, in August. By the time of writing, Brent was up 0.57% at $72/bbl, and WTI was trading 0.50% higher, again topping $69/bbl. Our Brent price forecast for today is in the range of $71-73/bbl.