Brent reclaims $82 again after OPEC does the usual

Since my last update on Brent crude oil, the rebound back above $81 has now extended to above $82. The move higher has also surpassed the highs seen on Friday, when it topped out at $82.06. The high seen a short while ago was set at $82.33 and the further rise today comes following an earlier OPEC monthly market report. That report upgraded 2023 demand by 100k barrels per day, but to be honest with you that is hardly a surprise and of course it may not count for anything, as we know, that more often than not, this cartel will always try to talk the price higher. Their already elevated 2024 forecast remains unchanged. That said this latest news has helped to underpin the recovery that started last week below $80. January Brent is just now trading at $82.25