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Brent crude oil unable to sustain a rise above $86 per barrel

On Friday afternoon oil prices did make a move higher just ahead of the 4pm London FX fix. The price of Brent crude for August delivery lifted above $86 per barrel, but it was not able to sustain the move and seemed to run into wholesale sellers almost immediately it got above that level. The high seen was set at $86.24. It was noted here earlier in the day; that maybe $86 for Brent was possibly a bridge too far and since then that does seem like that was the case. The drop back that followed on Friday evening saw it fall below $85 ahead of the final NYMEX settlement of the week. Brent later settled $0.47 lower on that exchange, at $85.24. Earlier today Brent fell back below the lows seen on Friday. The price action seen so far today has been covered by $84.71 to $85.30. So, as you can see it has rebounded off that low just now, currently trading at $85.22
 

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