Oil prices have fallen back after the price rally in January as markets adjust to a weaker global demand outlook prompted by the Trump administration's tariff announcements on US imports. Our price forecast now incorporates a short-term constriction on Russian oil from US sanctions on Russia's dark fleet, as well as a softer global macroeconomic outlook. We forecast Brent to hold at $75.30pb this year after starting the year at $77.30pb this quarter.
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