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The Commodities Feed: Brent back above $80
Oil prices moved higher yesterday as the market continued its post-OPEC+ meeting recovery. ICE Brent settled more than 2.5% higher yesterday, which saw it close well above $81/bbl. As we mentioned following the meeting, the action taken by the group leaves the market with a sizeable deficit in the third quarter of the year, supporting the view that prices trend higher. A recovery in refinery margins would leave us even more confident that prices move meaningfully higher from current levels. The weakness in refinery margins over the second quarter will have raised concerns over demand. Front-month Henry Hub futures ... (full story)