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Brent crude smashed lower as Trump halts further military action for the time being
On Friday Brent crude for October delivery charged higher in late evening trade, after the US President vowed to hit Iran hard again. Brent reached $91.36 just ahead of the wider US weekly close. Prior to that it has settled $1.05 higher on the NYMEX exchange, at $87.93.
Well, that was just the start of it folks, because ahead of the Asian opening last night, Trump said he would hold off on further military action for a brief period in order to once again try and reach a deal with Iran. So, Oil prices cascaded lower on the Asian opening and that saw October Brent crumble as low as $81.55. It has since bounced as high as $84.55, but this slide has shattered the prior rebound that had taken it from $80.67 last Tuesday to $91.36 late on Friday.
It is going to be another headline driven market again today for sure and given the moves seen already we should not be surprised if the range by the close tonight is extensive. Brent for October delivery is currently trading at $83.30
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