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Brent backs away from $86 today
Yesterday the price of Brent crude fell, briefly testing $84 per barrel. That fall was covered here at the time and the subsequent rebound saw it eventually reclaim levels back above $85. The rebound came amid a slightly higher draw on US stock piles and an unchanged global demand forecast from OPEC. That all helped Brent later settle, $0.42 higher, at $85.08. The higher close last night added to momentum earlier today, as did the gains across the Asian stock markets. That helped Brent rise close to the $86 handle, but is backing away a bit more from that just now. Materially speaking, nothing has really changed and the prospect of a peace deal in Gaza is very much up in the air still. Beyond the geopolitics and mutterings from the IEA and OPEC, the demand outlook is far from certain. We still have the prospect of producers leaning into rallies too. Brent for September delivery is currently trading at $85.55
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