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Brent crude very much on Middle East alert again today

Oil prices are edging higher again this morning. Yesterday that was not the case, The price of Brent crude fell to below $89 per barrel after the release of the US CPI data. The real reason for the slide heading into the 4pm London FX fix was due to a significant build in US inventories. Crude stocks showed another build, this time of nearly 6 million barrels, well above the consensus of a 1.8 million build. That news sent prices lower, but they did not stay down there for very long. Oil prices shot higher after the US president, Joe Biden warned the Israeli government; that a significant attack from Iran was now imminent. That headline sent oil prices charging into the NYMEX settlement. Brent for June delivery settled $1.06 higher, at $90.48 and it has not really looked back since. In fact June Brent has reached a high at $90.80 a little earlier today. Once again this market remains on high alert to the next headline, or event from that Middle Eastern arena. It is just now trading at $90.60

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