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Brent set for another volatile headline driven week ahead

Oil prices rose on Friday and that rise saw the price of March Brent crude reclaim $79 per barrel. The high seen was set at $79.26, but it did not make it past the high seen on Thursday morning, when it topped out then at $79.40. March Brent later settled $1.17 high on the NYMEX exchange, at $78.76. It has fallen back so far today though and a short while ago it hit a session low at $77.58, from an earlier high at $78.95. Leaving aside what impact there is from other markets, the outlook for Brent remains as it was last week, with uncertainty over supply disruption still very much at the fore of the price action. So, we are set for another volatile headline driven week ahead and one where the situation in the Red Sea is likely to dictate where the that leads the market. Brent for March delivery is currently trading at $77.73

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