ICE Brent crude oil prices are showing strong support, with analysts from ING suggesting a potential return to the $70 per barrel level. This upward momentum is primarily driven by persistent geopolitical uncertainties surrounding Iranian oil supply. Furthermore, ongoing production cuts by OPEC+ members continue to tighten global crude markets. These supply-side risks are effectively offsetting the impact of a significant build in US oil inventories. ING analysts Warren Patterson and Ewa Manthey highlight that these factors collectively create a bullish outlook for crude prices.
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