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Oil market awaits news stateside

Oil prices on Monday, November 22 were largely a repeat of the price action pattern seen in recent days: a plunge in early trading followed by later gains. Thus, Brent rose 1.24% to $78.68/bbl after trading sharply lower on Friday, while WTI advanced 0.93% to $76.19/bbl. 

Conflicting news reports came out stateside. Some US media outlets reported that the decision to release SPR has not yet been made, whereas other publications warned that today the Biden administration, along with some other major oil-consuming countries, could announce an SPR release.

Crude prices started to decline again on Tuesday morning amid this contradictory news flow, with Brent off 1.18% at $78.76, and WTI down $1.59 at $75.53. Our Brent price forecast for today is in the range of $77.5-79.0.

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