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Oil prices remain on upward trajectory

Crude futures are back on the rise today following a correction yesterday evening. By the time of writing, Brent was up 1.56% at 82.13/bbl, while WTI was 1.69% higher at $79.55/bbl.

The market experienced a pullback on Monday, most likely on the back of news about gradual stabilization of the political situation in Kazakhstan as people get back to their normal life and companies resume their operations. However, a bullish factor for the market was the repair of the oil pipeline in Libya, which reduced oil output in this country by 500 kbpd.

We believe that the Brent price will continue to rise and head for the range of $82-82.4/bbl.

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