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Brent crude backs off from above $87

Yesterday oil prices continued to advance. That saw the price of Brent crude for May delivery move above $87 per barrel after the European close. It later settled $1.55 higher on the NYMEX exchange, at $86.89. The move above $87 took it very close to the top of the channel trend line resistance noted here several times in recent updates. That remains in place at around $87.50. The high seen since last night has been set at $87.18. However, it has backed away from that high right now this morning, dropping back to around $86.60 a little earlier. Brent for May delivery is currently trading at $86.80 
 

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