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Oil trends sideways after rally

Conflicting reports have come in regarding the Iran nuclear talks: Iran considers the negotiations to have failed, whereas Western states, including the US, are still hoping for a positive outcome. Meanwhile, OPEC announced an optimistic long-term forecast that even by 2045, oil and gas will account for at least 50% of the world’s energy needs.

This morning the Brent price has moved into a narrow range of $74-76.5/bbl, The next upside target for Brent is $76.25/bbl.

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