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Oil market extends gains

Oil prices moved higher again, albeit at a slightly slower pace, on Friday, October 15, setting new highs. By the close, Brent rose 0.66% to $84.3/bbl, while WTI jumped 1.06% to $81.8/bbl.

The UAE Ministry of Energy said that OPEC+ countries are not overly concerned by the possible of oil market overheating, since the members of the alliance meet every month and make decisions driven by market dynamics. Meanwhile, global rating agency Fitch, following Russian President Vladimir Putin, admitted that oil prices could climb to $100/bbl, although the agency does not believe prices could stay at that level for long.

Crude futures have seen moderate gains this morning, with Brent up by 0.54% at $85.30/bbl, while WTI is 0.95% higher at $83.08/bbl. Our new Brent price is in the range of $84.5-85.5/bbl.

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