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OIL Prices Steady on Friday Capping Off A Strong Week

OIL
  • Oil prices moderated on Friday having rallied through the mid part of the week.
  • Earlier in the week saw speculation growing that an escalation in tensions in the Middle East supported oil prices.
  • Overnight the Biden administration called for a new round of cease fire talks on August 15.
  • Qatar and Egypt echoed this call as the region becomes increasingly concerned that Iran would attack Israel.
  • WTI is at $76.10 in the morning session in Asia, largely holding Thursday gains. Brent capped off a strong week ending Thursday trade at $79.16.
  • Next week will see OPEC release their monthly market outlook on Monday and during the week, the US will release its key inflation data which will have input into the Federal Reserve’s interest rate decision for September.

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