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Brent continues to press closer to $80

Yesterday oil prices rebounded again from an earlier session setback. The price of Brent crude for February delivery did test support just below $77.50, but that essentially held and another rebound back above $79 later ensued. It rose back above $79.50 again, but this time it topped out a little higher, at $79.67. Brent later settled $1.28 higher on the NYMEX exchange, at $79.23. It has traded a range so far today, covered by $79.07 to $79.33. However, it is still holding below its 200 day moving average, in place this morning at $79.94 and clearly this is the next hurdle for Brent. That has been the case all week so far. Supply disruption issues arsing from the situation in the Red Sea and the Suez canal continue to add support to the price action. Brent crude for February delivery is currently trading at $79.28 

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