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Brent crude rises to new session highs above $73.50
Oil prices have made some further progress now today. As noted here earlier this morning Brent crude for November delivery fell to a new 2024 low during the Asian session, but it has rebounded to hit a fresh session high just now. Once it surpassed the earlier high at $73.17 it has accelerated to the upside and reach levels around $73.65. There can be no doubting that the gains in global stock markets so far today have helped to boost the price and of course at $72 per barrel this is cheap by all recent measures. The only question; is it cheap enough? Time will tell on that and it looks likely we will see more price swings as the day unfolds and once again the price action across the US equity markets will play a major role in that later on. Brent for November delivery is just now edging back from that high, currently trading at $73.34
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