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Oil prices pull back again from recent highs

Crude futures extended gains on Monday, August 30, but bullish sentiment, which propelled the market to local highs, gradually faded. Brent rose just 0.8% on the day, although it exceeded $72/bbl and closed at $72.08/bbl, while WTI gained 0.7%, also reaching a local high and ending at $69.02/bbl.

Hurricane Ida knocked out power to virtually all of New Orleans over the weekend, but was downgraded to tropical depression by Monday evening. The aftermath of the hurricane lends support to oil prices, but the negative data released this morning on a decline in Chinese PPI indices did not contribute to upward price action.

Today the OPEC technical committee meeting will take place ahead of tomorrow's MMK and ministerial meetings; amid uncertainty and negativity from China, oil prices slipped from yesterday's highs, with Brent down 0.45%, and WTI of 0.48% by the time of writing. Our Brent price forecast for today is in the range of $71.5-72.5/bbl.

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