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Oil shortage expectations stoke price gains

Bullish sentiment made a comeback on the oil market on Tuesday, September 21. The Brent price rose 0.62% to $74.42/bbl, again retracing above $74/bbl, while WTI advanced 0.38% to $70.74/bbl.

The rebound may be due to record high demand for oil in India. OPEC says that in order to prevent a shortage in the oil and gas market, it will be necessary to ramp up investments in the O&G sector, which currently stands at a very low level.

Oil prices continued to head north this morning, with Brent up 0.44% and WTI trading 1.25% higher, again exceeding $71/bbl by the time of writing. As for the Brent price, our forecast for today is in the range of $ 74-75/bbl.

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