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Bullish and bearish factors are at play in the crude oil market these days, and the price has stalled at just under the $60 per barrel level on nearby NYMEX August futures. Before the recent OPEC biannual meeting, the Saudi oil minister said that the sweet spot for Brent is between $60 and $70 per barrel, so at around $67, Brent is sitting at a level that is satisfactory for the most influential member of the cartel.
While the price action in the energy commodity has been less than exciting since it recovered from the