The oil market is still unable to develop an upward momentum

Last week, the price of Brent crude oil fell by 0.7%, ending the week at about $85.2 per barrel. On Monday, the quotes fell even more – to $83.90 per barrel. At today's trading, Brent tried to develop an upward momentum, but there are no significant changes – the current price of the asset is $ 84.70.

Last Friday, data on the number of drilling rigs from Baker Hughes were traditionally published. During the week, their number increased by 4 units, while the growth was again due to Canada. In the United States, the number of drilling rigs decreased to 588 units, while in Canada their number almost reached last year's level, amounting to 109 rigs.

According to Wood Mackenzie forecasts, oil demand will grow by 1.6 million barrels per day this year, which is lower than their previous estimate of 1.9 million barrels per day. For comparison, OPEC forecasts demand growth of 2.25 million b/d, EIA expects an increase of 1.08 million, and IEA — less than 1 million b/d. Wood Mackenzie also forecasts peak oil demand in 2030 at 108 million b/d.

Meanwhile, the situation in the Red Sea continues to deteriorate. The Central Command of the US Armed Forces reported damage to the Greek cargo ship Transworld Navigator, flying the flag of Liberia, as a result of the Houthi attack. There was also information about the attack on the tanker Stolt Sequoia in the Indian Ocean. 

However, such reports have little effect on world oil prices. The conflict has become so routine that attacks and rising freight costs are already perceived as commonplace, causing a weak reaction in the market.