August Brent lifts above $80 once more

On Friday the price of Brent crude for August delivery failed to get above $80.50 and that failure pushed the price lower into the NYMEX settlement. Brent later settled $0.25 lower on that exchange, at $79.62. Earlier this morning the price recovered briefly back above $80, but could not hold the move and subsequently dropped back close to $79.50. It is trying to rise again just now, as the US equity futures pare back losses and the European markets rebound once again. Those European markets are still in the red though and that is something to consider when assessing the further price action in Brent. That said, the price has now risen back above $80, currently trading at $80.09