Last week, the Oct’24 Brent futures failed to hold strength after the highs of $82.50/bbl on 14 Aug was not maintained as the geopolitical risk emanating from the Middle East has become somewhat normalised as Iran’s retaliation continues to brew amid ceasefire negotiations in Doha. It seems the focus of the market is on macroeconomics this week, as the Jackson Hole gathering of the Fed will hopefully give clues to the extremely hands-off crude market.
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