In the week since our last edition of What’s Affecting Oil Prices, Brent rose $1.34/bbl last week to average $73.85/bbl, while WTI was basically flat and averaged $68.80/bbl.
Refinery economics remain supportive of further runs globally and the Suncor Syncrude outage will continue to support WTI. There are no new geopolitical events on the horizon, but if something were to develop it would likely be bullish for prices. For the week ahead, we expect Brent to maintain its strength and average $74/bbl.
Geopolitical: Positive
Dollar: Neutral
Trader Sentiment: Negative
Supply: Neutral
Demand: Positive
Refining Margins: Positive
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