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Oil slips on news of possible output boost

Crude prices rose to new highs on Tuesday, October 19, with Brent increasing 1.14% to $84.45/bbl, and WTI advanced 1.12% to $82.3/bbl.

A retreating dollar and the ongoing energy crunch in Europe continued to prompt the bulls to buy oil futures. However, in the evening, media reports, citing India’s Oil Ministry, claimed that the ministry intends to request OPEC+ at its November meeting to raise production in order to bring down global oil prices.

The gains have stalled this morning, apparently on the back of this news, and by the time of writing Brent was off 0.91%, holding above $84/bbl, while WTI was down 0.84%, holding above $82/bbl. Our Brent price forecast for today is in the range of $83-84/bbl.

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