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Oil market looks overheated

Crude futures extended losses on Thursday, June 17, slipping below earlier highs. The Brent price shed 1.4% to $72.32/bbl, and WTI dipped 1.3% to $ 70.6/bbl.

The reasons for the pullback were, on the one hand, a big rally in the dollar against global currencies, and on the other, renewed fears about the US lifting oil sanctions against Iran. In addition, the market looks overheated as the price action corrects down from $70/bbl, with continuing fears of a supply overhang back on the table.

Oil prices continue to decline this morning, with Brent down 0.4% and WTI off 0.2%. Our Brent price forecast for today is in the range of $71-72/bbl.

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