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Brent rebounds from the lows but how far will it go this time?
Yesterday, as covered here, oil prices suffered another relapse and that saw the price of March Brent fall below $78 per barrel after settling $0.71 lower on the NYMEX exchange, at $78.29. Brent then dropped to around $77.80 as the Asian markets reopened. It then hit a low around $77.60 and of course this was all about the repeated comments from Trump and his avowed desire to push oil prices lower. Brent has bounced from the earlier low this morning and a short while ago it lifted to around $78.37. The only question here right now, is how far will it reach before another bunch of sellers step into the rally? There are a number of short-term resistance levels ahead of $79 right now and $79.50 remains a hurdle after that. Brent for March delivery is currently trading at $78.27
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