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Oil prices attempt rebound

Crude futures fell sharply again on Tuesday, November 30, with Brent shedding 4.02% to $69.89/bbl, and WTI sliding 4.3% to $ 66.67/bbl.

The oil market bears ditched futures after a statement from the Biden Administration that the US will not reconsider its decision to release strategic oil reserves due to the spread of the new Omicron coronavirus strain. However, OPEC+ remains calm for the time being and has not announced plans to freeze its planned output increase, providing support for oil prices.

Benchmark crude has pared losses this morning as Brent is up 1.83% at $72.47/bbl, while Texas WTI is also on the rise, trading 4.43% higher at $69.14/bbl by the time of writing. Our Brent price forecast for today is in the range of $ 71.50-73.00/bbl.

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