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Oil market sees directionless price action

Global oil prices rose again on Monday, June 14, building on Friday’s gains, while the Russian market was offline for a statutory holiday. The Brent price advanced 0.68% to $72.68/bbl, and WTI jumped 0.52% to $ 70.86/bbl, retracing to a new high.

The oil market apparently does not know what to make of the news from Iran at the end of last week and the beginning of this week. On the one hand, the Iranian Foreign Ministry has categorically rejected the demand by G7 leaders for Iran to immediately halt all ballistic missile activities and proliferation, while the presidential elections scheduled for June 18 have not yet contributed to an early agreement on lifting oil sanctions against Iran. Nonetheless, the Iranian oil ministry is confident that a compromise will soon be reached with the West over sanctions, including the oil embargo, and is already preparing to rapidly ramp up oil output.

This morning, the oil market has seen trendless trading, with Brent and WTI prices stuck at the levels reached on Monday. Our Brent price forecast for today is $72-73.5/bbl.

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