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Has Brent got $85 in sight now?

Oil prices have been steadily rising all day and that rise has extended towards the wider European close, following some slightly lower US inventory data released earlier this afternoon. That showed stocks of US crude oil not rising by as much as forecast. The price of Brent crude for May delivery has now pushed onto session highs, as it edges past the $84 per barrel handle. To put that in context, it is worth noting that May Brent settled on the NYMEX exchange last night at $82.04 That was down by $0.76 on the previous close. So, unless something significant happens in the next couple hours, it is headed for a higher settlement this evening. The daily chart does rather point to potential towards $85 and beyond, if nothing changes in the short-term. Brent for May delivery is currently trading at $83.98  

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