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Brent dips back under $94 on profit-taking

Following on from an earlier update, noting the potentially overbought technical position in the price of November Brent crude oil, it has now slipped back further. Brent has now fallen to below $94 per barrel, from an earlier fresh 2023 high, at $94.63. The drop is not yet significant and at this stage looks based on interim profit taking, which might have taken on board its increasingly stretched technical position. The low seen so far has been set at just below $93.90. It is currently trading at $93.88
 

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