An update here earlier today noted the potential basing out in the January Brent contract below $80 per barrel. Well, since then Brent has made some further progress and now risen above $81. The rise has extended to around $81.20 a short while ago. The move higher has come as the European stock markets rise from earlier session lows and the oil markets once again evaluate the risks of not short-covering ahead of a weekend. Of course this all about escalation in the Middle East, should that occur over a weekend when markets are closed. Brent for January delivery is currently trading at $81.08
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