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Brent spikes above $91 as supply concerns reach a new level

The news just reported in the previous update concerning the situation in the Middle East is just the kind of news needed to push oil prices higher and that is exactly what has happened. The price of Brent crude for June delivery has shot higher this evening and not just traded above $90, but as high as $91.28. It has backed off a bit now, but this charge higher is very much subject to the next news headline and right now the oil markets fear a real supply shock, if the warnings from the US regarding Iran prove to be correct. There will be more to add tomorrow. June Brent is just now trading at $90.80

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