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Oil market sentiment is euphoric

Crude futures rallied again on Thursday, October 14, with Brent advancing 1% to $83.75/bbl, and WTI gaining 1.2% to $80.94/bbl.

UAE and Saudi Arabian ministers said at the Russian Energy Week international forum in Moscow that OPEC+ may consider revising its quotas for increasing oil production at the November meeting, but so far, the plan is to maintain the existing quotas. The International Energy Agency, which was previously skeptical about the growth of global oil demand, in its October review raised the oil demand growth forecast to 5.5 mbpd for this year, and to 3.3 mbpd for 2022. This outlook again encouraged the oil market bulls.

Oil prices have climbed to new highs this morning, with Brent up 0.91% at $84.79, and WTI trading 0.82% higher, a tad below $82/bbl. Our new Brent price forecast is in the range of $83.5-85/bbl.

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