Calendar contracts on the European over-the-counter market slipped by around 15 cents/t today, but liquidity continued to slow ahead of the Christmas holiday break. Swaps took direction from the euro, which fell by around 0.3pc against the dollar today to sit at the 1.305 level. This pushed the curve around 50 cents/t lower by midday but thin buying in the afternoon on firming crude prices recovered some of the losses. Ice February Brent was marked at 107.42 dollars/bl at 17:30 GMT, up by 69 cents/bl on the previous settlement.
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