Brent & WTI Close To Thursday Lows

Brent crude has continued to track lower. After opening closer to $74.90/bbl, we have mostly been on the backfoot, although some support has emerged sub $74/bbl (which is where we currently track). This isn't too far off Thursday lows, near $73.50/bbl, which came about post rumors of a US-Iran nuclear deal.

• At this stage, Brent is down a further 1.1%, having lost around 2.85% through Thurs/Fri last week. A fresh break of $73.50 will have the market targeting lows around $71.40/bbl from late May.
• WTI is back to just under $69.40/bbl, also close to Thursday session lows from last week (near $69/bbl).
• Goldman Sachs has cut its year-end Brent forecast to sub $90/bbl, the third downgrade it had made in 6 months.
• We did see investor positioning turn more constructive for oil in terms in the week ending June 6, but it remains to be seen if this is maintained following more bearish price action in recent sessions.
• Outside of the central bank meetings this week, also note that OPEC publishes its monthly Oil Market Report on Tuesday.