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Oil prices rebound following mayhem and confusion yesterday-check out Brent today

In a final update here yesterday covering the price action and oil market news, I warned out the volatile nature of that price action and the mixed and erroneous headlines that had delivered many swings. Following that update, Brent fell back to a low on the day at $78.41, but it did not stay down there for long and the rebound that followed was as protracted as the slide that preceded it. The reason for the price swings was all about the upcoming OPEC meeting being initially thought to be cancelled. It had been set for the November 26. The other reason for the drop was due to the confirmation of a ceasefire in Gaza. As stated, the OPEC delay was all due to dissatisfaction from Saudi Arabia and Russia over some African member output levels not adhering to current quotas. So, when the news broke; that the OPEC meeting will now take place on November 30, that was the catalyst for oil prices to jump back up. Brent rose rapidly to $82 once more. It has backed off so far today. The low seen has been set at $80.55. It is back above $81 now though and we should not rule out yet more volatile and unpredictable price action again today. Brent for January delivery is currently trading at $81.12 
 

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