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Brent backs off so far today
Yesterday the rise in Oil prices delivered a move above the $78 per barrel handle for Brent Crude. Brent for October delivery rose to a high at $78.35, but later fell back towards $77. Brent later settled $0.46 lower on the NYMEX exchange, at $77.20. The price action seen so far today has been mostly sideways inside a range covered by $76.95 to $77.34 . The oil markets look like they are waiting for some more definitive in terms of what exactly is going to play out in the Middle East from here on. It should be noted here though; that the US investment banking giant, Goldman Sachs yesterday came out with a note calling for Brent to fall to $68 per barrel in 2025. Please make of that what you will. Brent is just now trading at $77.07
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