• Forex
  • Investments
  • Loyalty program
  • Promotions and contests
  • Analysis
  • Getting started
  • About us

Brent is heading for $70/bbl

After spiking up to local highs on Tuesday, oil prices trended lower on Wednesday, May 5. Brent dropped $0.94 to $68.51/bbl, while WTI slid 1.2% to $65.27/bbl.

As it turned out, the alleged Islamic State militant attack on the Bay Hasan oil field in the Iraqi province of Kirkuk a few days earlier was not as devastating as anticipated, prompting market participants to take profit. However, US oil inventories released on Wednesday put the bulls back in the driver’s seat as crude stockpiles fell by a whopping 7.99 mln bbl, whereas the market was expecting a drawdown of only 2.35 mln bbl.

The bulls are on the move again this morning in the wake of yesterday’s upbeat inventory report, with Brent up 0.82%, closing in on the psychologically important $70/bbl level, while WTI is trading 0.78% higher above $65/bbl. Our Brent price forecast for today is in the range of $68.70-70.00/bbl.

Latest reviews

Everyone has the chance to make a profit

You don't need to trade on your own to make a profit. Make a profit by entrusting your funds to experienced traders!

Register

There's a better website for you

A new exciting website with services that better suit your location has recently launched!

Sign up here to collect your 30% Welcome Bonus.