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Oil market roiled by fresh concerns about OPEC+ stability

Oil prices continued to trend lower on Wednesday, April 21, with Brent dropping 1.9% to $64.45/bbl, and WTI shedding 2.1% to $61.01/bbl.

Aside from news about rocketing Covid-19 cases in India, oil market negativity was stoked by media reports that OPEC+ is exploring the option of canceling the full ministerial meeting earlier scheduled for April 28 and holding only an online monitoring committee meeting (JMMC) on April 27. The reasons for the possible cancellation of the ministerial meeting have not yet been reported, and this makes the market jittery, rekindling rumors of differences among OPEC+ members.

The decline continues this morning, with Brent off 0.42%, and WTI trading 0.4% lower. Our Brent price forecast today is in the range of $64-65/bbl.

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