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Oil market fears higher US output

The oil market extended gains on Friday, July 23, but showed signs of upside fatigue around mid-week. On the day, Brent advanced 0.6% to $73.46/bbl, and WTI rose 0.43% to $71.85/bbl.

Baker Hughes' weekly report on Friday evening rained on the market's bullish mood with a negative reading. The number of active US oil rigs rose by 7 units over the past week, reaching 387. This implies that oil production looks set to expand stateside.

Oil priced dropped sharply this morning, with Brent currently off 1.3%, trading below $73/bbl, and WTI down 1.4%, failing to hold the $71 mark. Our Brent price forecast for today is in the range of $72.5-73.5/bbl.

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