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Oil rally stalls

Benchmark oil showed divergent dynamics on Monday, October 25. While Brent edged up 0.09% to $85.06/bbl, exceeding by a tad the psychologically important $85/bbl mark, WTI fell quite sharply, down 0.63% to $83.28/bbl.

Deputy Russian Prime Minister Alexander Novak said in an interview that OPEC+ countries will discuss at the November ministerial meeting the current quotas for increasing oil production by 400 mbpd, hinting that there are no plans to revise these quotas. Novak's statement, as well as a similar statement made by the Saudi Arabian Ministry of Energy the day before, sent a Buy signal for Brent futures, while WTI prices declined on fears of rising inflation that could trigger a slowdown in US economic growth.

Both oil benchmarks have been trending lower this morning, with Brent down 0.31% at $85.64/bbl, and WTI off 0.54% at $83.28/bbl. Our Brent price forecast for today is in the range of $84-86/bbl.

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