What's Affecting Oil Price
Brent fell $0.54/bbl last week to average $73.11/bbl while WTI fell $0.89/bbl to average $67.91/bbl.
Despite pronounced weakness at the end of the week, Brent and WTI traded generally sideways last week.
Brent rose $1.34/bbl last week to average $73.85/bbl, while WTI was basically flat and averaged $68.80/bbl.
For the week ahead, Stratas Advisors expect geopolitical concerns to help stop the crude price bleeding and allow Brent to trade generally sideways.
Brent and WTI both fell last week as supply outages eased and Russia and other producers continued to reiterate that they could provide additional supplies if needed.
Brent prices were nearly flat, up only 37 cents to average $77.56/bbl. WTI prices saw more support, rising nearly $2 to average $73.71/bbl.
Brent prices rose $2.44/bbl to average $77.19/bbl. WTI prices rose $5.54/bbl to average $71.79/bbl.
In the week since our last edition of What's Affecting Oil Prices, Brent prices fell nearly a dollar to average $74.75/bbl after the OPEC meeting.
Brent prices fell $0.27/bbl to average $75.69/bbl while WTI actually saw some recovery, up $0.87/bbl to average $66.21/bbl.
Barring a geopolitical surprise, we expect that Brent will average around $75/bbl this week, with highs seen early in the week before leveling off after the Singapore summit.