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Brent edges lower in European trading

There was no oil trading on the US NYMEX exchange yesterday owing to the Presidents Day holiday, so there was no settlement there. Earlier in the day oil prices did rise in European trading and the rebound back above $83 in April Brent was noted in an update here at the time. Well, earlier today Brent lifted a little more, to above $83.60, perhaps buoyed by further news from the Red Sea, concerning another vessel coming under attack. Two anti-ship ballistic missiles hit a Belize-flagged cargo carrier, which forced the crew to abandon ship. However, since then Brent has been edging a little lower. Notwithstanding that, the outlook repeated here yesterday remains unchanged, unless there is fresh news emerging from Gaza. The prospect of no Israeli incursion into Rafah until March 10 might be adding some relief to the market, but that remains circumspect at best. April Brent is currently trading at $83.25 
 

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