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Addendum to the previous update on Brent crude

Further to the previous update noting the slide in oil prices, the main reason for the sell-off seems to be linked to the recent news, that apparently Angola is set to leave OPEC. That does imply they might try to flood the markets with extra supply, but that is far from certain and even if they were to do that, it is also unclear if that would really impact output that much. Nevertheless, that seems to the the driving force behind the latest sell-off which has now seen Brent test the $78 handle in more recent trading. It is currently trading at $78.17

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