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Brent reclaims $83 per barrel today as Mid East tensions mount

The news of heavy bombardments along the northern Israeli border with the Lebanon seemed not to impact oil prices much earlier today. That said the market had already brushed off a larger than expected build in US private inventories last night (There is more of that to come at 3.30pm GMT from the US EIA). Prior to that the price of Brent crude for April delivery had settled $0.77 higher, at $82.77. It did trade lower earlier today, dropping back towards $82.25, but in more recent trading it has now lifted above the $83 handle a short while ago. The further upside price action comes as the US says they will attack targets in Iran, if the situation escalates. April Brent has traded to around $83.08 now today. It is currently trading at $82.88
 

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