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Brent watching and waiting for the inevitable

Yesterday Oil prices rose from session lows set earlier in Asian trading. That had seen the price of Brent crude rise from a low at $88.78, to later climb back above $91, as the US markets reopened. The high seen was set at $91.10. However, a sharp sell-off came following fresh headlines concerning the situation in the Middle East, but perhaps more specifically regarding the pipeline from Iran to Turkey. The prospect of that being repaired is what sent oil prices lower again. Brent for June delivery dropped back to a low at $89.49. It later rebounded into the NYMEX settlement though, where it fixed $0.79 lower, at $90.38. Overnight the price action has been mostly sideways, inside a range so far covered by $90.51 to $90.90. It is close to that low right now too, currently trading at $90.55 

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