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Brent crude eases off as Mid East concerns abate but output cuts loom

Yesterday evening crude oil prices rebounded from session lows ahead of the 4pm London FX fix. That saw the price of January Brent crude drop back to $81.43 per barrel, from an earlier session high at $82.25. Brent then rebounded again taking out the earlier session high and later settled, $0.13 to the better, at $82.45. It rose a bit more at the start of the Asian session  today, reaching $82.65, but it is backing off now. The news of a pause in Middle East hostilities is a factor in pushing the price back down so far today, but that has to be weighed against the outlook for OPEC to further restrict supply in their upcoming meeting. Of course it remains to be seen what emerges there, but the markets are braced for output cuts in some form or another. The low seen so far today has been set at $82.12. Brent for January delivery is currently trading at $82.18 

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