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Brent slides into the NYMEX settlement

Earlier today the price of January Brent crude oil did rise just above its noted 21 day moving average, at $87.06, but the move did not extend very far, topping out at $87.24 and besides it was over before it began. Since then it has been a one-way street lower for Brent crude this afternoon and into the evening. It was not able to gain any traction from a lower than expected build in the latest US inventory data. So, as the first NYMEX settlement of November looms, Brent is crumbling back below $85 per barrel. It has just now hit a fresh session low at $84.59. That is one step closer to the earlier noted support, now at $83.73 and that is the price point of the 100 day moving average. It seems that higher stocks are not having the desired effect and once again the point is made about the so far lack of Middle East contagion This is weighing omen prices as the NYMEX settlement looms. January Brent is just now trading at $84.63
 

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