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OPEC+ decision fails to boost oil prices

Oil prices continue to trade sluggishly lower, with Brent today dipping 0.53% to $88.42/bbl, while WTI is off 0.6% at $86.6/bbl.

The ministers of OPEC+ member countries yesterday predictably stuck to the policy of a 400,000 bpd increase in March. After the alliance announced its decision, oil prices rose briefly as Brent even retested the $90/bbl mark, but before long fell back from this level to the $88-89/bbl range. Oil prices showed a slightly bearish reaction to the weekly US petroleum report as crude inventories declined by 1.05 mln bbl contrary to the median consensus, which expected a build of 1.53 mln bbl. The pullback may also have been driven by overly persistent calls by Iranian authorities to the United States to lift the oil sanctions in an effort to bring down global oil prices. However, the US has not yet responded to these requests.

The Brent is still rangebound at $88-89.5/bbl, unable reach $90/bbl for the time being. In our view, Brent could sink to $88.3/bbl.


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