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Oil more likely to see downside than upside

Crude prices logged mild gains on Friday, July 30, with Brent adding 0.2% to $74.90/bbl, hovering near the psychologically important $75 mark, and WTI advancing 0.3% to $73. 28/bbl.

The Baker Hughes’ Friday report showed that the number of active US oil rigs stopped rising and fell by 2 units over the week, thereby pushing up crude future. On the other hand, growth was capped by macro data showing a slowdown of business activity in China.

Oil prices are in decline this morning on the back of media reports that India is selling stocks from its strategic oil reserve in order to rein in prices for petroleum products. By the time of writing, Brent was off 0.45%, and WTI was down 0.46%. Our Brent price forecast for today remains unchanged at $74-75/bbl.

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