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Brent crude holds a test of $82 for a second time

Yesterday afternoon, as the US stock markets opened higher and extended their gains, oil prices rose too, as was covered here in an update at the time. That then extended further from a low at $82.06, further above $83 and very close to $84 per barrel. In the event $84 was not surpassed. The high seen was set at $83.97. What was more surprising was the slide back that ensued. Brent for January delivery fell back into the NYMEX settlement and almost reversed all of its earlier gains. January Brent actually settled $0.05 lower at $82.47, after basing out at $82.09 on that second run lower. To be honest that all seemed out of line, but the price is higher again this morning and has lifted close to $83 once more. The price action remains fluid and as you can see, very unpredictable at times too. Brent for January delivery is currently trading at $82.94
 

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