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Crude heads north on Fed’s dovish narrative

Oil prices notched up mild gains on Wednesday, July 28, with Brent up 0.05% to $73.70/bbl, and WTI trading 0.4% higher at $72.05/bbl, retracing to levels reached in mid-July.

The oil market turned higher after the Fed pledged to keep its accommodative monetary policy unchanged. No flight from risk-sensitive assets was seen, but the gains were capped by a tense pandemic outlook across the globe.

Oil prices are showing stronger gains on Thursday morning, with Brent up 0.8%, north of $75/bbl, while WTI is up 1%, a tad below $73/bbl. Our Brent price forecast for today stands in the range of $73.8-75/bbl.

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