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Oil market reels from steepest rout since last autumn

Oil prices experienced a collapse on Tuesday, March 23, the likes of which had not been seen by the market since October 2020. Brent tanked 6% to $60.33/bbl, while WTI plunged 6.4% to $57.3/bbl on the day.

A confluence of downside drivers is likely behind yesterday’s decline, including last evening’s API report, according to which US crude inventories showed a build of almost 2.5 mln bbl last week. Oil prices also came under pressure from a rising dollar after yesterday's congressional testimonies by Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen, as well as new lockdowns and pandemic containment measures across Europe.

This morning, oil prices are correcting upward after yesterday’s rout, with Brent up 2.2%, and WTI trading 2.3% higher. Our Brent price forecast for today is in the range of $61-62/bbl.

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