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Oil market again fears supply overhang

Oil prices on Tuesday, June 15 rose to levels not seen since the beginning of 2019, with Brent advancing 1.5% to $73.76/bbl, and WTI surged 1.8% to $72.15/bbl, a high dating back to spring 2019.

News that Iran does not intend to renounce its nuclear program sent a strong buy signal to the oil bulls. However, news from the US that a court overturned Biden's ban on exploration of new areas due to the lack of serious grounds for such a ban may cap the gains.

The uptrend is fading this morning, with Brent off 0.2%, and WTI is down 0.5%. Our Brent price forecast for today is in the range of $73-74/bbl.

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