The oil market took a breather on Thursday, October 7, after the previous rally, then moved higher in the evening, retracing to earlier highs. Brent advanced 1.95% to $82.07/bbl, and WTI surged 2.3% to $78.51/bbl.
The US Department of Energy denied statements made by the Biden administration a day earlier about releasing SPR oil in order to cool prices. The DoE also noted that the US does not intend to interfere in market processes, and this gave a shot in the arm to the oil bulls.
Oil prices are back on the rise this morning amid high global demand for crude. By the time of writing, Brent was up 0.9% at $83/bbl, while WTI was 0.85% higher. Our Brent price forecast for today is in the range of $82-83/bbl.