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Oil prices retreat again

The oil market is in decline again today, with the crude benchmarks that rose on Friday evening by 1-1.2% in retreat today. By the time of writing, Brent was off 0.06% at $93.48/bbl, while WTI was up 0.01 % at 91.06/bbl.

At the annual forum of oil-producing countries in Riyadh, held last week, a number of statements and forecasts regarding oil prices were made by high-ranking participants. Thus, the Energy Minister of Saudi Arabia, Abdelaziz bin Salman al-Saud, criticized the reduction by some G20 countries of investment in the oil and gas sector and said that such a “campaign” is short-sighted and has already led to a sharp increase in oil prices. In addition, UAE Energy Minister Suhail al-Mazrui said that there is a shortage of oil supply in the market, which caused prices to rise, but he also did not rule out that another factor raising oil prices is the upsurge in geopolitical tensions. On the other hand, the oil market anxiously awaits news about the outcome of talks between Iran and Western countries, since the prerequisite for Iran to return to the "nuclear deal" of 2015 is the lifting of sanctions on oil exports from this country.

The Brent price remains above $90/bbl, but if it breaks through this key psychological level, it could drop to $88-89/bbl. In our view, Brent prices could slip to $90.2/bbl today.

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