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No drivers in sight for the oil market

Oil prices trended steadily lower again on Monday, March 22, with Brent off 0.2% at $64.21/bbl in the absence of major growth drivers, while WTI dropped 0.3% to $61.23/bbl.

In market news, Saudi Arabia said it would ask the US to help repel attacks by the Yemeni Houthis against the kingdom's oil facilities, but players brushed aside these reports. In line with preliminary OPEC estimates, even though OPEC+ compliance stood at 113% in February, the oil market is more concerned about a third wave of Covid-19 in Europe and new lockdowns in Germany and a number of other European countries, which could slow the recovery in oil demand.

This morning, oil prices continue to decline, with Brent shedding 1% since the open, and WTI is down 0.97%. Our Brent price forecast for today is in the range of $62.8-64.0/bbl.

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