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Brent crude holds onto $85 so far today

Yesterday, as noted here at the time, the price of Brent crude for May delivery held the $86 per barrel handle at the first time of asking. The rebound that followed saw it edge back to around $86.75. However, it was not so lucky on the second attempt at breaking below $86. That duly played out after the wider European market close and the NYMEX settlement, where it fixed $0.50 lower, at $86.25 . Earlier today that further fall in the price saw it drop back further, to a low so far at $85.17. That $85 level looks like a pretty decent support level of course. That said the rebound on this final day of trading for the May contract is not exactly conclusive this side of $86 at this stage. Brent for May delivery is currently trading at $85.64 
 

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