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Another rise in US inventories helps Brent slide but that was not the main reason

Yesterday afternoon yet another larger than forecast in US crude inventories helped to push Oil prices lower, but that was surely not the main reason. The outlook from the US investment giant, Goldman Sachs surely played a major role after they echoed what was said here beforehand. GS analysts noted that $90 was a likely ceiling for Brent crude, but do not forget you were warned about that in advance here yesterday morning. So, Brent took something of a nose dive yesterday afternoon around the time of the 4pm London FX fix. The fell sharply towards $87 per barrel after it busted its 21 day moving average, at 88.25. It later settled $2.73 lower on the NYMEX exchange, at $87.29. It has not managed to rebound much today either. The high seen so far has been set at $87.65 and the low is at $87.21. It is currently trading at $87.53

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