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Oil sees mild correction

Today, oil prices have been correcting slightly lower after yesterday's big rally. By the time of writing, Brent was down 0.33% at $75.03, and WTI was off 0.33% at $72.52/bbl.

Yesterday’s EIA report showed a weekly drawdown of 4.72 mln bbl, whereas analysts expecting a decline of only 31,000 bbl. Additional upside drivers include the energy crisis and the related high demand for oil in Europe, as well as the suspension of crude output at a number of large fields in Libya.

If the Brent price does not drop below $74.5/bbl today, it could climb to 76.5/bbl over the coming days. We forecast a rise in Brent to $ 75.5/bbl today.

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