The two contracts are heading towards ending the week almost unchanged after sharp moves up and down driven by the rise of the dollar, and speculations about whether the administration of US President Joe Biden will release oil from the Strategic Petroleum Reserve to calm prices.
There are positive signs regarding demand as the air travel recovery accelerates, but monetary and fiscal policy tightening and the upcoming Northern Hemisphere winter will be disincentive.
It is noteworthy that the Organization of Petroleum Exporting Countries (OPEC) had lowered its forecast for oil demand in the fourth quarter by 330,000 barrels per day from last month’s forecast, as high energy prices curb the recovery from the Covid-19 pandemic.
Baden Moore, an analyst at National Australia Bank, said he expects the oil market to remain tight into the third quarter of 2022 as demand continues to recover.
He added, “OPEC Plus is very shrewd in its management of global supplies as demand recovers from the pandemic.”
OPEC, which includes the Organization of the Petroleum Exporting Countries, Russia and allies, agreed last week to stick to plans to add 400,000 barrels per day to the market per month.
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