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Oil prices hit by negativity

Oil prices were not ready to continue the rally on Friday, September 3.  By the end of the trading session, the Brent price fell 0.3% to $72.34/bbl, and WTI dipped 0.7%.

The decline was most likely due to the weakening of Hurricane Ida, although the aftermath will be felt by the US oil industry for some time to come. In addition, weak Chinese macro data was released last week, while US infectious disease chief Anthony Fauci warned that a new Mu variant of the coronavirus could spread across the globe. The confluence of these factors exerted negative pressure on the crude oil market.

This morning, the decline in oil prices has picked up momentum, most likely amid reports from Saudi Aramco about the first decrease in selling prices for Asian customers since this spring. As a result, Brent is down 1.17%, slipping below $72/bbl, while WTI is off 1.09%, failing to hold above $69/bbl. Our Brent price forecast for today is in the range of $69.8-72.0/bbl.

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