Analysts expect Brent prices to retest $80 a barrel, coming later than previous forecasts because of U.S. oil policies. The level of inventories, which won’t rise to above-average levels, will be the most important driver for returns in coming months. WTI Crude is $68.10; Brent is $72.13 this morning.
Saudi Arabia has raised output ahead of a potential shortfall from lost Iranian production later in the year. The OPEC leader will most likely continue to place its full contractual volumes in Asia for August. WTI Crude is $69.88; Brent is $74.00 this morning.
The question of how much supply can be increased remains a speculative topic in the group of producers often referred to as OPEC + say some analysts. Oil prices have remained near their highest in more than three years. WTI Crude is $70.14; Brent is $73.96 this morning.
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