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Brent is testing the $75.3-76.5 range

Oil prices rose moderately on Friday, July 2. The price action for Brent started at $75.4/bbl. By the beginning of the North American session, the price dropped to $75.0, then rose to $76.2, and closed the day near $75.9.

On Friday, the United Arab Emirates disagreed with the overall plan put forward by OPEC+ members to extend the output curbs beyond April 2022 until the UAE is allowed to increase the baseline for calculating its quota. As a result, the alliance failed to agree on how much they would increase the production cuts in the coming months, and the meeting was postponed to Monday. This left the global market in limbo.

In early Monday morning trading, the Brent price corrected to $75.4, after which, closer to noon, it rallied to $76.1. The anticipated trading range for Brent during the rest of the day is $75.3-76.5. The medium-term range for Brent crude was reduced to $73.2-76.5. If resistance is breached at $76.5, the road will open for $77.9/bbl.

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