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Brent crude lower this morning

The reaction across the oil markets to the greater than expected draw from the US EIA data yesterday was noted here. The price failed to immediately move higher on this. It did spike a few moments after that update and that was due to a news wire report from Reuters citing s possible continuation of the OPEC+ output cuts into 2025. That remains to be confirmed of course and besides, it did not last in terms of the price action for July Brent into the expiry of the contract last night. That saw the price fall back below $82 and later settle $1.74 lower, at $81.86. The prospect of Brent falling back into the expiry was something that was highlighted here after it met with a hefty seller around $85 earlier in the week. So, now the July contract has expired, we are trading the August contract today. That has fallen back from an earlier test of the $82 handle and is currently trading at $81.81

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