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Oil market roiled by Biden remarks

Crude futures bounced back from local lows to local highs on Wednesday, August 11. The Brent price rose 1.1% to $71.32/bbl, while WTI closed 1.25% higher at $69. 12/bbl.

The key upside driver was touch rhetoric from the US State Department targeting Iran over an alleged drone attack against an Israeli tanker. However, no follow-up statements about a possible tightening of sanctions against Iran were made, as a result of which oil prices pulled back.

Oil prices have been on a downward trajectory this morning after US President Joe Biden publicly called on OPEC+ to accelerate rolling back oil production cuts. In the upshot, by the time of writing, Brent was off 0.5%, while WTI price was trading 0.54% lower. Our Brent price forecast for today is in the range of $70.8-71.7/bbl.

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