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Oil Prices in the Green as Dollar Strength Fades

COMMODITIES

Bearish conditions in WTI futures were reinforced last week - the contract cleared support at $80.89, the Sep 8 low. This marks a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Earlier in the European morning, Goldman Sachs cut their forecast for 2023 oil prices "significantly" on the deteriorating macro outlook. Their 2023 Brent view has been revised to $108/bbl from $125/bbl previously.


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Bearish conditions in WTI futures were reinforced last week - the contract cleared support at $80.89, the Sep 8 low. This marks a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Earlier in the European morning, Goldman Sachs cut their forecast for 2023 oil prices "significantly" on the deteriorating macro outlook. Their 2023 Brent view has been revised to $108/bbl from $125/bbl previously.


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