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Brent hits $85/bbl

After a morning breather, oil prices rose to a new high during the second half of trading on Wednesday, October 20. Brent added 0.92%, breaching resistance at $85/bbl and reaching $85.23/bbl by the close, while WTI advanced 1.25% to a new high of $83.33/bbl.

The rally was driven by the DoE weekly petroleum status report, which unexpectedly showed a drawdown of 431k bbl, whereas analysts were expecting a sharp build (+1.86 mln bbl). Meanwhile, India's Oil Ministry officially requested OPEC+ at its November meeting to consider a more substantial increase in oil output than the scheduled 400k bpd in order to bring down prices.

Crude futures are in decline this morning amid concerns about an increase in production. By the time of writing, Brent was down 0.91% at $85.04, and WTI was off 0.67% at $82.86. Our Brent price forecast for today is in the range of $84-85/bbl.

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