Hopes of oil market rebalancing appear to be fading as the bull run that sent oil futures above $50 per barrel in June has been wiped out through July trading, which saw oil prices drop 10% to three-month lows. After starting July at $50.35/bbl, ICE Brent futures closed at $42.70/bbl on Thursday, down $3.50/bbl on the week for their steepest monthly loss since December. For US domestic price-pin WTI, July saw the largest monthly loss in a year after the prompt contract fell to $41.14/bbl and shed $3.61/bbl on the week.
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