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Oil market sees resurgence of optimism

Oil continued to rally on Wednesday, September 22, with Brent advancing 1.6% to $75.13/bbl, again exceeding the psychologically important $75/bbl level, and WTI  adding 1.56% to $71.84/bbl.

Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail says that OPEC and OPEC+ are doing their utmost to keep the oil price below $70/bbl. US inventory data added to optimism as crude oil stockpiles showed a drawdown of 3.4 mln bbl, outpacing the median estimate.

Oil prices are still on the rise this morning as Brent is up 0.52% and WTI is 0.55% higher, exceeding the $72 mark. Our Brent price forecast for today is $75-76/bbl.

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