On Monday, September 20, oil prices tumbled from the highs reached last week and headed south as soon as trading opened. The Brent price slipped 1.46% to $73.56/bbl, and WTI fell 1.72% to $70.47/bbl.
UAE Oil Minister Suhail Al Mazrouei said in an interview that OPEC does not see the threat of an excess oil supply this or next year, and also said that the UAE does not consider it necessary to adjust the current oil production quotas at the October OPEC+ meeting given the recent drop in prices. In addition, according to Bloomberg, the US oil industry has still not recovered from Hurricane Ida, including Gulf of Mexico producer Royal Dutch Shell, which has not yet rehabilitated two offshore platforms, a bullish factor for the oil market.
Oil prices moved higher again this morning on positive news. As a result, Brent was up 0.5%, and WTI was trading 0.6% higher. Our Brent price forecast for today is in the range of $73.2-74.5/bbl.