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Could oil soar to $100/bbl?

Oil prices closed moderately higher on Wednesday, October 13, after a short-lived correction the day before.  Brent rose 0.08% to $82.17/bbl, while WTI added 0.14% to $79.97/bbl.

The US Department of Energy raised its global oil demand growth forecast for 2022 by 3.48 mbpd to 100.95 mbpd, and this was read by the market as a positive. Russian President Vladimir Putin at the "Russian Energy Week" forum in Moscow said that Russia and its OPEC+ partners are doing everything possible to make sure that the oil market stabilizes, although he said it is quite possible that oil prices will reach $100/bbl. This statement was also viewed by the market as moderately bullish, although it is still far from the goal announced by the Russian president.

Oil prices are back on the rise this morning, and by the time of writing Brent was up 1.29% at $84.19, while WTI was trading 1.19% higher at $81.40. Our Brent price forecast for today is in the range of $83.5-84.5/bbl.

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