• Forex
  • Investments
  • Loyalty program
  • Promotions and contests
  • Analysis
  • Getting started
  • About us

Brent hits $85/bbl

After a morning breather, oil prices rose to a new high during the second half of trading on Wednesday, October 20. Brent added 0.92%, breaching resistance at $85/bbl and reaching $85.23/bbl by the close, while WTI advanced 1.25% to a new high of $83.33/bbl.

The rally was driven by the DoE weekly petroleum status report, which unexpectedly showed a drawdown of 431k bbl, whereas analysts were expecting a sharp build (+1.86 mln bbl). Meanwhile, India's Oil Ministry officially requested OPEC+ at its November meeting to consider a more substantial increase in oil output than the scheduled 400k bpd in order to bring down prices.

Crude futures are in decline this morning amid concerns about an increase in production. By the time of writing, Brent was down 0.91% at $85.04, and WTI was off 0.67% at $82.86. Our Brent price forecast for today is in the range of $84-85/bbl.

Latest reviews

Everyone has the chance to make a profit

You don't need to trade on your own to make a profit. Make a profit by entrusting your funds to experienced traders!


There's a better website for you

A new exciting website with services that better suit your location has recently launched!

Sign up here to collect your 30% Welcome Bonus.