Crude futures extended gains on Monday, August 30, but bullish sentiment, which propelled the market to local highs, gradually faded. Brent rose just 0.8% on the day, although it exceeded $72/bbl and closed at $72.08/bbl, while WTI gained 0.7%, also reaching a local high and ending at $69.02/bbl.
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Hurricane Ida knocked out power to virtually all of New Orleans over the weekend but was downgraded to a tropical depression by Monday evening. The aftermath of the hurricane lends support to oil prices, but the negative data released this morning on a decline in Chinese PPI indices did not contribute to upward price action.
Today the OPEC technical committee meeting will take place ahead of tomorrow's MMK and ministerial meetings; amid uncertainty and negativity from China, oil prices slipped from yesterday's highs, with Brent down 0.45%, and WTI of 0.48% by the time of writing. Our Brent price forecast for today is in the range of $71.5-72.5/bbl.
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