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July Brent crude holds technical support level

Yesterday oil prices came under further pressure after the US stock market opening and release of the latest US PPI data. That saw Brent for July delivery fall to a new session low at $82.10. However, it seems the 200 day moving average (now at 82.02) seemed to stem the fall and it rebounded into the European close. That rebound then extended, but later it still saw Brent settle $0.98 lower on the NYMEX exchange, at $82.38. The price has rebounded further today though, after the US API inventory data last night delivered a 3.1 million barrel draw, versus a prior draw of just 0.5 million. Later today we get data on that from the EIA, at 2.30pm GMT. The main reason for the falls yesterday was all about speculation about OPEC+ debating the outlook for increased output in the months to come. The range seen for July Brent so far today has been covered by $82.60 to $83.07. It is currently trading at $82.92 

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