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August Brent edges above $85 this morning
Yesterday there was some rapid price action in the Oil markets, after the latest US inventory evidenced a much greater than expected rise in stockpiles . So, Brent crude for August delivery fell back below $85 and later based out at $84.47 not longer after the 4pm London FX fix. However, it then rebounded sharply into the penultimate NYMEX settlement for the contract. (Please remember folks; that the August contract is due to expire today and roll into the September contract). So, Brent rebounded to set a new session high after the European close and later settled on the NYMEX exchange, $0.24 higher, at $85.25. The range seen so far today has been covered by a low at $84.88, to a high just now at $85.26. It is currently trading at $85.15
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