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Oil constrained by Covid flare-up in multiple countries

Oil prices rose steadily on Tuesday, April 27, with Brent rising 1.3% to $65.95/bbl, while WTI jumped 1.7% to $62.96/bbl.

Yesterday, a meeting of the OPEC+ ministerial monitoring committee was held, which recommended the alliance member states to extend the existing oil production quotas for May, June and July. However, the OPEC+ ministerial meeting did not take place and was postponed until June 1.

A new outbreak of the Covid-19 pandemic in India and a number of developing countries is holding back the rise in oil prices: Brent is currently up just 0.02% vs. yesterday's close, and WTI is slightly stronger, trading 0.16% higher. Our Brent forecast price range today is $65-66.5/bbl.

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