The oil rally gave way to a downward correction on Tuesday, August 31, with Brent trading in a narrow range of $71-72/bbl, down 0.83% on the day to $71.48, and WTI price easing 0.96% to $68.36/bbl.

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Today’s highlight will be the ministerial meeting of OPEC+ countries. Media reports, citing the Kuwaiti Oil Ministry, write that OPEC+ today, at the initiative of Kuwait, could revise the previously reached agreement to boost production by 400 kbpd over the next few months and reduce that quota, although these reports have not been officially confirmed either by Kuwait or OPEC+, leaving the market puzzled.

Oil prices are on the rise this morning, likely amid reports that Libyan National Oil Corporation has downwardly revised its domestic oil output forecast this year to 1.4 mbpd. By the time of writing, Brent was up 0.85%, after paring yesterday's losses, while WTI price is trading 0.82% higher. Our updated Brent price target for today is in the range of $72-73/bbl.