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Brent drops below $81 in Asian trading

On Friday evening oil prices continued to press higher into the weekly close. So, the noted basing in the price action of January Brent delivered a move to just above $82 per barrel ahead of the NYMEX settlement. Brent for January delivery later settled on that exchange, $1.77 higher, at $81.43. However, the price has fallen back so far today. The low seen earlier was set at $80.60. but it is trying to bounce again ahead of the European opening. The low seen earlier was also just ahead of the 200 day moving average, which is in place right now at $80.52. This is an important level again today and it remains to be seen if the price action will hold this and further attempts to press higher will unfold. Brent for January delivery is just now trading at $80.90 

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