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Oil sinks in the absence of market-moving news

On Friday, July 9, oil prices extended gains as Brent rose 1.7% to $ 75.19/bbl, while WTI advanced 2% to $74.03/bbl.

The reason for these moves higher in the oil market was most likely reports that US-based Johnson & Johnson developed a new Covid-19 vaccine that offers protection against the dangerous new Delta variant. Global investment banks, in turn, predict that this summer the oil market will grow in anticipation of a possible shortage of crude oil and regardless of whether the OPEC+ countries manage to reach an agreement.

The market is correcting downward after the previous gains, apparently in the absence of key drivers.  Brent is down almost 1%, again failing to hold above $75/bbl, and WTI is off 0.98%, falling below $74/bbl. Our Brent price forecast for today is in the range of $74-75/bbl.

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