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$86 per barrel for Brent is now almost $10 above June low

Yesterday the rebound in oil prices continued and that led the price of Brent for August delivery rise close to the $86 per barrel handle. The price stalled at around $85.96 and that rise was perhaps helped by a greater than expected draw on US crude stocks, but not enough to get it above $86 it seems. Brent later settled $0.38 higher on the NYMEX exchange, at $85.71. Today it has not yet taken on that $86 handle again, but it is off an earlier session low at $85.52. The high seen so far has been set at $85.77. So, if we stand back and look at the gains over the past month we can see it is already nearly $10 above the lows seen on June 4. That is quite a rebound folks and the question here this morning; is has it done enough now, given the backdrop of all that surrounds it? Right now it could be that $86 is a bridge too far in that respect? We shall have to wait and see on that as the day unfolds. Brent for August delivery is currently trading at $85.68 

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