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Oil is going bananas

Oscar Williams-GrutJan 4, 2016, 15:37 IST

Oil traders can't make their minds up.

The price of Brent and crude spiked overnight amid escalating tensions between Saudi Arabia and Iran. Saudi Arabia has cut off diplomatic relations with Iran, getting people worried about the supply of oil from the Middle East.

But oil prices fell back dramatically in early morning trade in London on Monday, even slipping into the red at one point.

Then they bounced back again! And now, at 9.50 a.m. GMT (4.50 a.m. ET) that rally is fading.

Here's Brent:

And here's crude, the US measure:

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