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Crude takes a breather after rally

The sluggish correction in oil prices that set in yesterday continues in today's trading. By the time of writing, Brent was off 0.79% at $87.74/bbl, while WTI was down 0.32% at $86.68.

OPEC's monthly report released on Tuesday brought no surprises as the cartel confirmed its previous forecast for oil demand growth at 4.2 mbpd in 2022 and a preliminary estimate, saying that oil demand grew by 5.7 mbpd in 2021. Furthermore, news about a fire on the Iraq-Turkey oil pipeline, which broke out on Tuesday, is apparently also being pared back by the market today.

As we cautioned previously, the Brent oil price correction started from $88/bbl. At this point, we think price action could drop as low as $86.5/bbl.

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