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Brent tests $84 per barrel

An update here yesterday afternoon noted how Brent crude oil was rebounding towards $83 after a draw in the latest weekly data from the EIA. The potential for Brent to again test $83.85 was also highlighted. Well, that rebound extended towards that level at 83.85 after that update and later settled $0.42 higher on the NYMEX exchange, at $83.58. Earlier this morning the price pushed above $83.85 and tested the $84 handle. The price has yet to climb above that level, but it looks very possible that it might. It really depends on whether or not there is further producer hedging in place just now. However, looking at the immediate chart of the price action (1 hour charts shows that quite well) you can see it has tried a few times already today to rise above $84, but so has not happened. Brent for July delivery is currently trading at $83.86

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