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Supply fears help Brent rebound above $76.50

Yesterday Brent crude oil for February delivery fell back during late European morning trade. The low seen was set at $75.01 per barrel. The rebound that followed saw it just reclaim the $76 handle. However, it was not able to hold the rebound and fell back into the European close. A later session rebound from below $75.40 then helped the price to rise again and it settled $0.19 higher on the NYMEX exchange, at $76.03. It has built on that rebound so far today, helped by news reports of a tanker being hit by a missile in the red sea. The high seen so far today has been set at $76.56. The earlier session low was set at $75.94. Brent for February delivery is currently trading at $76.55

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