Oil prices rose at the beginning of the week, rebounding from a recent selloff, due to a potential hurricane in the Gulf of Mexico and OPEC's decision to delay production increases.
Crude oil prices began the week with gains as traders took a break after the latest selloff and as a weather system in the Gulf of Mexico could become a hurricane before it makes landfall. In midmorning trade in Asia Brent crude had added over 1% from last Friday’s close and West Texas Intermediate was up by some 1.30% from last week. The benchmarks lost some 10% last week in a selloff that Bloomberg dubbed “brutal”.
’s announcement to delay the start of its planned output increase signals that the producers’ group remains focused on balancing the market,” Morgan Stanley analysts said in a note quoted by Bloomberg. “Unless demand weakens more, we estimate Brent likely remains anchored around the mid-$70s.” It is worth noting that the selloff last week did not pause even after
signaled it would not, after all, start returning supply to the market from October and even after the EIA reported yet another sizable draw in crude oil inventories for the last week of August. This week, three reports will move prices, including ’s and the International Energy Agency’s latest monthly market updates. The Energy Information Administration is also scheduled to release its Short-Term Energy Outlook this week.
and the EIA will release their reports on Tuesday. The IEA’s Oil Market Report is due out on Thursday. By Irina Slav for Oilprice.com
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