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Brent oil gains 2%, trades above USD 49.00/barrel

FXStreet (Mumbai) - Syria-led irks premium pushed up Brent crude prices by more than 2% on Thursday, although supply glut and economic slowdown remain a major source of strength for the bears.

Russian and US launch air attack on Syria

Russia launched air strikes in Syria on Wednesday in its biggest Middle East intervention in decades. The US also launched an air attack, although it was without coordination with the Russians. The resulting geopolitical risk premium pushed up prices.

Brent Crude for November delivery advanced more than 2% to a session high of USD 49.45/barrel, before paring gains to trade around USD 49.40/barrel levels.

However, it remains to be seen how long the risk premium manages to keep prices in the positive territory.

Ireland Consumer Confidence fell from previous 101.1 to 100.6 in September

Ireland Consumer Confidence fell from previous 101.1 to 100.6 in September
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GBP: UK currency tumbling under pressure - Rabobank

Jane Foley, Research Analyst at Rabobank, suggests that the UK Pound has been under continuous pressure as the majority of recent UK economic data support the view that the BoE need be in no rush to hike interest rates and the pushing back of BoE rate hike expectations has been a key contributor to the easier tone in the UK effective exchange rate.
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