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Iran saga keeps oil market under pressure

Crude futures continued to trend lower on Thursday, May 20, with Brent sliding 2.6% to $64.73/bbl, while WTI slipped 2.5% to $61.69/bbl.

According to media reports, Iran is preparing for the sanctions to be lifted, after which oil exports are to be ramped up to maximum capacity. India, as one of the largest consumers of Iranian oil prior to the sanctions, recently announced that it is prepared to resume oil imports from Iran. On this news, oil prices broke through several support levels, with Brent moving into the $64-66/bbl.

Oil prices have been half-heartedly meandering within an upward correction this morning. At the time of writing, Brent ticked up 0.09%, still below $65/bbl, while WTI is 0.1% higher. Our Brent price forecast for today is in the range of $64.8-66/bbl.

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