27 December 2024: 16:30 GMT
Traders in the first European session after Christmas were back for more Brent, sending flat price upwards. It even looked ready to challenge the $74 ceiling for the first time since last Thursday, and it finally did, just after 14:00 GMT, peaking at $74.12, before cooling off slightly to close at $73.99/bbl. This range is sticky and flat price is stuck in the mud, lurching between $72 and $74 without being able to break through either conclusively or for more than moments – as we saw again this afternoon. Post-window it slid back down towards $73.70/bbl and then bounced back following the big crude draw reported by the EIA. The further you pull an elastic band, the further it will rebound the other way.
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