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Oil market rally was short-lived

The oil market revved up into rally mode on Wednesday, July 21, with the Brent price surging 4.2% to $72.23/bbl, retracing above the psychologically important $70/bbl, while WTI soared by 4.3%, to $70.3/bbl.

US crude oil inventories showed a build of 2.1 mln bbl, as opposed to the median forecast that called for a sizeable drawdown. Despite this, the market apparently got a shot in the arm from a drop in Cushing inventories and also from a draw in gasoline and distillates.

Oil prices are trending moderately lower today amid media reports that Iran is gradually increasing oil exports. At the time of writing, Brent was down 0.28%, and WTI was off 0.16%. Our Brent price forecast for today $71.5-73/bbl.

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