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Brent rebound stalls ahead of $82 for now

Yesterday afternoon, the drop back in oil prices delivered a fall close to $80 in the price of January Brent crude. The low seen was set at $80.19. The rebound that followed saw it lift into the European close and later extend to just above $81.50. There was no trading on the NYMEX yesterday due to the US holiday. The price action so far today has seen Brent top out at $81.81. It is off that low now. So, it seems the prospect of action from OPEC next week is the over-riding driver, because the planned cease fire in Gaza is not pushing lower. The range seen so far today has been covered by that high and a subsequent low at $81.26. Brent is just now trading at $81.50

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