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9 July | Oil

Oil prices to extend decline this year on weakening demand — BCA Research

Brent
WTI Light Crude Oil
Oil prices to extend decline this year on weakening demand — BCA Research

BCA Research forecasts further decline in oil prices this year, driven primarily by weakening global demand for crude. As reported by Investing.com, Brent oil lost over 6% of its value in the first half of the year.

According to BCA Research’s latest analysis, oil market trends over the next six months will hinge on key fundamental factors.

Meanwhile, OPEC members appear increasingly focused on geopolitical developments and market share considerations, rather than maintaining a strict price floor, when making production decisions.

BCA Research analysts recommend investors take short positions on Brent crude below the level of $75 per barrel.

Elena Dorokhina MarketCheese

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