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Brent crude extends gains above $79 after Israel declines ceasefire deal

The prospect of a potential ceasefire in Gaza, reported across major news wires this time yesterday morning has been declined by Israel. That was always a possibility and one that has delivered further upside in oil prices since it became known. The price of Brent crude for April delivery rose further into the NYMEX settlement yesterday and ended that session $0.62 higher, at $79.21. The price has lifted further today, reaching $79.65. It is off that high now though, but clearly the refusal of the Israelis to back down has given the oil markets fresh reason to rise further and right now the prospect of a test of $80 seems elevated. Brent for April delivery is currently trading at $79.50 
 

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