After taking a breather yesterday, crude futures are back on the rise, retracing to 2014 highs. The upward climb continues today, albeit at a slower pace. By the time of writing, Brent was up 0.33% at $90.26/bbl, while WTI was trading 0.27% higher at $87.59/bbl.
According to media reports, the OPEC+ ministerial meeting scheduled for February 2 will not decide to change the quotas of oil production increase, news that encouraged the oil bulls. However, oil prices are seeing sluggish gains today, most likely due to an unexpected increase in headline US crude inventories, which posted a build of 2.38 mln bbl last week, compared to the median consensus that called for a drawdown of 728k bbl.
The Brent price yesterday tested $90/bbl, and the consolidation process continues today. In line with our medium-term forecast, Brent could exceed this level and reach $95/bbl.