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Oil market resumes sharp decline

A short-lived rally in oil prices was cut short on Friday, August 6, with prices plummeting again. Brent dropped 1.2% to $70.19/bbl, and WTI shed 1.6% to $67.80/bbl.

The downturn was primarily attributable to the spread of a new wave of coronavirus to China as borders were closed in a number of countries, including Japan and the US. Additional oil market negativity stemmed from sharp strengthening of the dollar on Friday amid a robust July jobs report, triggering a massive commodities sell-off across the globe. 

This morning, Brent is down 1.9%, sliding below $69/bbl, while WTI is off 2% after failing to hold the $67 mark in the wake of news that OPEC+ boosted oil output in July by 680 kbpd, while Saudi Arabia intends to ramp up production. Our Brent price forecast for today is in the range of $68.0-69.5/bbl.

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