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Brent slips towards $73

Oil prices have just taken a hit. Both Brent and WTI have just fallen to set fresh session lows. In terms of immediate news, that does not seem to be the driver. The prospect of Trump winning both houses is surely a green light for him to pass whatever Fracking legislation he might need to drill baby drill, as he put it last week. That has significant implications for the oil price going forward, if OPEC fail to match increased US production with output cuts of their own. The more immediate fact to also note here; is there is still a demand/supply dynamic favouring the downside. Brent for January delivery settled $1.76 lower on the NYMEX exchange on Friday, at $73.87. It has just now fallen to a session low at $73.22. 
 

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