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Brent Crude Oil holds steady near $80 as market awaits Fed rate decision
Brent Crude Oil (Brn) is currently trading at $80.21, having opened at $80.43 and reaching a high of $80.85. The price has found support around the $80.21 level.
The upcoming Federal Reserve rate decision this week is a significant factor influencing the market. Traders are cautious, anticipating potential rate changes that could impact global economic activity and, consequently, oil demand.
Additionally, recent economic data from major economies remains mixed, with some indicators pointing to slower growth, which could weigh on oil prices. However, supply-side factors, including OPEC+ production decisions, continue to support the market.
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