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Oil market takes a breather after rally

Oil prices powered even higher than in the previous session on Thursday, April 29. Brent rallied 2.1% to $67.82/bbl, and WTI surged 1.84%, to $ 64.75/bbl.

The market continues to price in positive news about a slowdown in US crude inventory builds. In addition, the Kuwait Oil Ministry forecasts higher global oil demand in H2 2021.

Today, oil prices are taking a breather after opening to the upside, with Brent down 0.13%, and WTI off 0.2%. Our Brent price forecast for today is in the range of $66.8-68.0/bbl.

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