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Oil market takes another hit

On Monday, November 29, oil prices corrected upward after a flash crash on Friday. The Brent price rose 1.7% to $72.82/bbl, and WTI advanced 2.4% to $69.66/bbl.

The market is in decline due to fears over the spread of the new Omicron coronavirus variant alongside concerns that a decision by OPEC+ countries to raise oil output at a meeting on Thursday amid the spread of Omicron would create an imbalance in the market. Additional negativity came from the US Department of Energy and the Biden administration, which declared unanimously that the US does not intend to stop releasing oil from strategic reserve due to a pullback in the oil market.

This morning, oil prices have dropped sharply again, with Brent down 3.12% to $71.15, erasing yesterday’s gains, while WTI is off 2.79% to $68.00 by the time of writing. Our Brent price forecast for today is in the range of $71-72/bbl.

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