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Oil prices see alternating pattern of gains and losses

Crude futures dropped again on Friday, December 3 in line with the recent alternating price action pattern of gains on one day followed by losses in the next session.  By the close, Brent fell 0.48% to $69.86/bbl, again dropping below the psychologically important $70 level, whereas Texas WTI shed 1.14% to $66.26/bbl.

Fears surrounding the new Omicron Covid variant and news about new infections will intensify selling of oil futures. Conversely, media reports that the negotiations between Iran and the Western countries have reached an impasse and are apparently on the verge of collapse stoked buying. Another bullish signal came from Saudi Arabia, which raised its January prices for crude sold to Asia and the US.

Oil prices are back on the rise again this morning, with Brent up 2.05% at $71.31, and WTI trading 2.22% higher at $67.71 by the time of trading. Our Brent price forecast for today is in the range of $70.8-72.0/bbl.

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