Brent crude prices are expected to decline as supply disruptions that had tightened the market begin to ease. Saudi Arabia is now routing additional crude through Oman, and pipeline capacity is starting to recover. Brent crude has softened from earlier highs around $100-$105 per barrel, and market operators have increased their downside positioning. The probability of crude reaching a new all-time high by September 30 stands at just 0.5%, compared with 10.5% for an end-of-December deadline.
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