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Saudi Arabia advises OPEC+ not to lift output

The rally in oil prices resumed on Friday, October 22 after a short breather, with Brent rising 1.1% to $84.98/bbl, and WTI advancing 1.8% to $83.8/bbl.

The Saudi Arabian Energy Ministry said the coronavirus pandemic remains a threat to the recovery in oil demand, and OPEC+ should maintain a "cautious approach”, according to the ministry. This statement, as the US media later reported, contained a transparent allusion to the fact that OPEC+, and above all one of its leaders, Saudi Arabia, does not intend to boost oil output quotas at the November meeting. This news sent another bullish signal to the oil market.

This morning, oil prices continue to rise, with Brent up 0.80% at 86.21/bbl, and WTI is trading 0.96% higher at $84.56/bbl by the time of writing. Our Brent price forecast for today is in the range of $84.8-86.5/bbl.

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