In the week since our last edition of What’s Affecting Oil Prices, Brent rose $1.64/bbl last week to average $69.49/bbl; above our expectations. WTI rose $2.84/bbl to average $62.36/bbl. This was Brent’s second straight week of gains and WTI’s fifth week. Moves in managed money were positive but smaller than in previous weeks.

For the week ahead Brent is likely to see additional strength, but the psychological $70/bbl barrier could be too much to sustainably overcome, and we expect Brent to average closer to $71.50/bbl.

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