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Brent backs off from first test of $90

Yesterday the previously noted break above $88 in the price of Brent crude for June delivery extended close to $90. In fact it was very close. Brent go to within a whisker of that level, when it peaked at $89.98. That high came right as the weaker US ISM data helped to boost US stocks and send the dollar tumbling. Brent crude for June delivery later pared that gain, but still settled $0.43 higher on the NYMEX exchange, at $89.35. Since then the topside has been capped south of that important $90 level and right now the price is dropping back to session lows a moment ago. Of course $90 per barrel is a major landmark level for Brent and possibly not a level to crack that easily. Brent for June delivery is currently trading at $89.37 

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