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Brent crude gets a lift from US stock market gains

The oil producing nations ought to thank the Fed for their timely dovish intervention. Prior to that the oil price was under pressure and that had seen the price of Brent crude for February delivery hit a new interim low at $72.30, as was reported on here. The rebound that followed was admittedly already taking place before the Fed helped it to extend even more. Brent had rebounded into the NYMEX settlement, where is ended $1.02 higher, at $74.26. It extended that move into the wider US market close and has not looked back so far today. In fact, Brent has recently just set a fresh session high at $75.87 and it is not far off there now. The next resistance level is now the December 12 high, at $76.66 and maybe it has eyes on that from here? We shall see 
 

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