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Brent crude extends fall below $79.50 towards $79
An earlier update here noted the potential for the price of March Brent crude to extend, if it fell below $79.50 again. Well, since then it has done just that and the fall below $79.50 delivered a session low a few moments ago, at $79.08. The headwind for oil prices remains as outlined here a few times yesterday (and before) and that is the determination of the US President, now back in office, to Drill baby Drill. Indeed he repeated those exact words again last night, as he immediately moved to set in place a plethora of executive orders following his inauguration. Brent for March delivery is just off the lows right now, currently trading at $79.25. All the while below $79.50 there is the possibility of more downside to come
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