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Brent backs away from new 2024 high above $86.25

Earlier this morning an update here noted the push to fresh 2024 highs in the price of Brent crude for May delivery. well, subsequent to that update, Brent did rise above $86 for the first time this year and extended that move to a new high, at $86.29. However, it has backed down from that new high now and currently trailing back underneath $85.75. There is no news linked catalyst for the drop and it could just be that Brent has done what it does so often, when it reaches new levels and that is to see it run into producer hedging. You see, as much as demand fuels further gains, there is always the potential for major producers to use those peaks to hedge future output. Brent for May delivery is currently trading at $85.60 

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