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Brent crude eventually reacts to all that surrounds it

As noted here earlier today the greater than expected draw on US stocks seemed to have little impact on oil prices. Well, that was the case for a while, as Brent crude for October delivery fell back below $80 and close to $79.75. However, it did not stay down at those levels for too long and since then it has been on the rebound and risen into the NYMEX settlement. Brent settled yesterday at $78.07 and it looks set to settle shortly, closer to the $81 handle. To be honest that is what it should be doing this evening, given all the news that has greeted the oil markets today. Brent for October settlement is currently trading at $80.80

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