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Brent crude rebound unravels to reach a new 2024 low
Yesterday afternoon, as noted here at the time, the price of Brent crude continued to fall back from an earlier spiked high at $74.80. Eventually that relapse extended and the whole upside move unravelled completely. The failure by OPEC to confirm the earlier rumour, that it will abandon planned October output increases was at the heart of that . So, Brent for November delivery reached a new session low after settling $1.85 lower on the NYMEX exchange, at $72.70. The low seen was set at $72.35 and that was a new 2024 low for Brent crude. However, it has managed to rebound somewhat so far today, reaching a session high so far at $73.17. Brent for November delivery is currently trading at $72.92
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CAC 40 not following the DAX so far this morning
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Brent not really yet buying into a Chinese rebound in demand?
Brent crude has backed off so far today. On Friday Brent settled $0.36 lower on the NYMEX exchange, at $79.04. Earlier today the price fell back to a...
