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The IEA forecasts suggest a massive oversupply next year - Commerzbank
The International Energy Agency has left its forecast for Oil demand virtually unchanged and continues to expect increases of just under 700,000 barrels per day for this year and next.
Oil falls on bearish fundamentals - ING
The oil market came under further pressure yesterday, settling under US$66/bbl for the first time since early June. Sentiment was bearish following releases from the International Energy Agency (IEA) and Energy Information Administration (EIA).
Oil prices under pressure ahead of Trump-Putin meeting - Commerzbank
Oil prices last week recorded their sharpest weekly declines since the end of June. At the same time, they fell to their lowest levels in two months. Brent is down 7% compared to the beginning of the month, WTI 7.5%.
Brent retreats after failing to break above 200-DMA - Société Générale
Brent crude's inability to hold above the key $71 mark is reviving bearish sentiment, with technicals pointing to deeper losses if support at $63 gives way, Société Générale's FX analysts note.
Oil prices under pressure after weak US data - Commerzbank
Oil prices fell by another 2% yesterday after already dropping significantly on Friday. Brent traded at just $68 per barrel at times. That is around $4 less than last Thursday, Commerzbank's commodity analyst Carsten Fritsch notes.
Oil surplus and time spreads - ING
Oil prices edged lower yesterday with ICE Brent settling 0.9% lower on the day amid concerns over tariffs, with the 1 August deadline fast approaching.
Brent hits resistance at $72 - Société Générale
Brent crude is struggling to break above its 200-day moving average near $72, highlighting ongoing resistance in the market. Failure to overcome this barrier could trigger further declines toward $66.30 and potentially $63.00, Société Générale's FX analysts note.
Oil: Middle distillate tightness persists - ING
Oil prices firmed yesterday despite a recovery in the USD amid waning concern that President Trump may remove Federal Reserve Chairman Jerome Powell from his position. Some fairly supportive US macro data also supported the Oil.
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