Oil returned to highs in early August

On Thursday, September 2, the oil rally resumed with renewed vigor: the Brent price for the trading day soared 2.01%, to $72.56, returning to early August levels, and the WTI price rose 2.12%, also returning to the local maximum of $69.53 per barrel. The confirmation by the OPEC member countries at a meeting on September 1 of agreements to increase oil production in September by 400 thousand b/s refuted market fears of disagreements in the alliance and intensified purchases of oil futures. The consequences of Hurricane Ida in the United States cause in the oil market expectations of shortages and push prices up.

The rise in oil prices continues: the price of Brent rises by 0.33%, and the price of WTI rises by 0.19%. Today, we again predict a Brent price corridor of $72-73 per barrel.

Leave a Reply

Your email address will not be published.