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Brent crude reclaims $85 per barrel

Yesterday the noted rise above $84 per barrel for August Brent crude extended to above $85 after the US retail sales did not rise by as much as forecast. Now, that does seem rather at odds with what one might have expected, but it is suggested here, that it was actually the much higher than forecast gains in US industrial and manufacturing data that really helped oil prices to gain. So, Brent later settled $1.08 higher on the NYMEX exchange, at $85.33. Later in the evening Brent extended that move, to set a high at $85.48. It has not surpassed that high yet today though and it is edging a little lower this morning. The low seen so far has just been set at $85.19 and it is worth noting that Brent will not be trading on the NYMEX exchange later today, owing to the US holiday

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