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Brent crude trades above $80

Oil prices have continued to press higher since my last update and now the price of Brent crude for February delivery has traded above its 200 day moving average and just above $80 as I write. The move higher is being further propelled by the gains in European and US stock markets, coupled with further supply concerns because of the situation in the Red Sea and Suez canal. Brent for February delivery is currently trading at $80.02 

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