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IEA and OPEC outlooks let down the oil market

Crude prices reverted to a smooth downtrend on Thursday, February 11, with the Brent price dipping 0.5% to $60.53/bbl, and WTI sliding 0.67% to $57.82/bbl after the latter was unable to hold above the YTD high of $58/bbl.

The market was apparently put off by conflicting outlooks from OPEC and IEA. Both organizations raised their forecasts for non-OPEC oil production even though they had earlier projected almost a 1 mln bpd decline in Q1 2021 demand.

Crude futures are still trending lower this morning as Brent is off 0.5%, while holding above $ 60, and WTI is down 0.51%. This means there is a risk that WTI could slide below the $57/bbl mark. Our Brent forecast for today is $60-61/bbl.

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