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Fake news is everywhere but not here- Brent on the rebound again
Yesterday there were erroneous reports that apparently Pakistan was said to be in the process of planning to attack Yemen under the MAKKAH defence agreement between Saudi Arabia, Turkey and Pakistan. That news seemed to push the oil price lower for a while. We did not cover this, because we did not have much faith in its validity. Well, earlier this morning a Pakistani foreign office spokesman poured cold water on that report.
Look, this looks like just one in a line of erroneous news reports that could easily stretch to the moon and back these days and as such we always treat such with a high degree of skepticism and attempt to filter out what we can for your benefit. If we did not you would be bombarded with hundreds of fatuous updates every day.
So, anyway since this official denial Brent has risen back above $101.50. As to whether it has the legs to test the $102 handle again remains to be seen. Brent is right now a little lower, currently trading at $101.37
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