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Brent back above $70 today- will it last?
Yesterday oil prices came under the hammer again and that saw the price of Brent crude for May delivery fall to its lowest level of the year to date. Brent fell back to $68.75 per barrel ahead of the 4pm London FX fix. The rebound that followed saw it climb back above $69.50, before later settling $0.16 higher on the NYMEX exchange, at $69.46. The price action so far today has seen it rise steadily throughout the morning and it has long since reclaimed the $70 per barrel handle. The question now; can it hold the rebound ahead of the weekend? Well, of course that is possible, but by no means certain and it will likely react to the US jobs report. If that is weaker than forecast, then demand concerns might come to the fore again. The opposite applies too. The high seen so far today has been set at $70.75. Brent is currently trading at $70.55
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