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Iran deal weighs on oil market

Oil prices nursed mild losses on Friday, April 9, with Brent falling 0.54%, to $62.78/bbl, and WTI dropping 0.8%, to $59.35/bbl.

The oil market has been under pressure from the Iranian issue and speculation that the Biden administration could lift or at least loosen international sanctions against Iran. Meanwhile, a terrorist attack on Iranian nuclear facilities over the weekend could derail talks between Iran and the US or even make the sanctions regime irrelevant.

This morning, the decline in oil prices has increased slightly since Brent at the time of writing was down 0.8%, and WTI was off 0.7%. Our Brent price forecast for today is $62-63/bbl.

 

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