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Oil prices are still range-bound

Oil prices traded resolutely higher on Monday, May 3 after a short-term pullback on the last day of April. Brent advanced 1.3% to $67.35/bbl on the day, while WTI rose 1.6% to $64.34/bbl.

Monday’s gains were driven primarily by Saudi Aramco's upbeat forecasts for a gradual recovery in global oil demand in H2 2021. That said, benchmark crude prices continue to trade in narrow ranges, especially Brent, which has been hovering at $65-67.8/bbl, and they are in no hurry to break out of these ranges in anticipation of more upbeat market drivers.

This morning, oil prices are back on the rise, albeit at a more modest pace, with Brent up 0.12%, and WTI trading 0.14% higher. Our Brent price forecast for today is in the range of $67-68/bbl.

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