(MENAFN) Fuel costs have already been falling lately because US supplies have exceeded expectations, but they are again seeking retrieval.
"Brent crude is attempting to regain some ground after yesterday's sharp sell-off of more than 3 percent, sending the oil price close to 4-week lows on the back of EIA inventories data which showed a bigger than expected jump in supply," Victoria Scholar, owner of OfI investment, remarked.
She added, "OPEC+ is unlikely to change its policy stance at today’s meeting sticking with tight supply, shrugging off gains of 130 percent for the global benchmark over the last year, which could see further upside ahead.
The quicker-than-expected economic recovery out of the pandemic combined with OPEC’s refusal to turn on the taps makes USD90 oil or even USD100 oil an increasingly common forecast among analysts."
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