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Oil starts to sink

Oil prices have been correcting slightly lower this morning, a trend that got under way on Tuesday evening. By the time of writing, Brent was down 0.43%, trading slightly above $82.6/bbl, and WTI was off 0.4%, hovering in the range of $79-80/bbl.

The correction may have been triggered by a statement from the Iraqi Energy Ministry, which stated that oil prices are unlikely to continue to rise above the current levels. A similar opinion is shared by a number of large Russian corporations, including GazpromNeft and LUKOIL.

Our Brent price forecast for today is in the range of $82-83/bbl.

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