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Brent oil rebound extends above $75.50

Yesterday the price of Brent crude for February delivery tried twice to rise above the $75.50 mark and failed. That failure led to sharp fall. The price slid to a session low at $73.60 not long after the 4pm London FX fix. The rebound that followed saw Brent later settle on the NYMEX exchange, $0.25 lower, at $74.05. That rebound move has been extended so far today and it has been a pretty steep rise too. The high seen so far has been set at $75.79. Be that as it may, Brent has not yet altered the chart dynamic, but that is not to rule out this rebound extending further in the short term. Brent for February delivery is currently trading at $75.65

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