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Oil market rally takes a short breather

Crude futures traded lower for the first time in a week on Monday, October 18, with Brent dipping 0.95% to $83.5/bbl, and WTI slipping 0.50% to $81.38/bbl.

The market was likely spooked by news of a slowdown in the Chinese economy, where Q3 GDP growth slowed to 4.9%, which is a very low indicator for China. In addition, the US Department of Energy released a forecast for the growth of shale oil output in the southern states to 8.22 mbpd in November.

Prices turned higher again this morning, apparently on the back of expectations that the energy crisis in Europe and Asia will not end anytime soon. By the time of writing, Brent was up 0.74% at $84.62, and WTI was 0.78% higher at $83.08. Our Brent price forecast for today is in the range of $84-85/bbl.

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