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Oil price shock proves short-lived so far- June Brent slips below $88

Yesterday oil prices came under further pressure, as noted in a number of updates here. The price of Brent Crude for June delivery fell close to $86 per barrel by the late morning in Europe. Brent later settled $0.18 lower on the NYMEX exchange, at $87.11. However, the news emerging from the Middle East earlier today delivered a rapid price spike. June Brent rose sharply above $90 and peaked at around $90.75. However, given the more recent rhetoric from both sides, prices have fallen back. Right now this almost seems like a face-saving exercise on both sides, but at the same time, it would be foolish and unwise to take that for granted. It is of course hoped here; that  is all it ultimately is. So, oil prices have now fallen back and right now June Brent is not that elevated, compared to the earlier price action. Brent is just now trading ay $88.01

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