Brent backs away from above $74

Yesterday oil prices went on the rebound after the latest US retail sales surprised to the upside. The record opening for the US stock markets helped to perpetuate that move too and so the price of Brent crude for November delivery rose to above $74 around the time of the wider European market close. The high seen was set around $74.27 and that was the highest level for Brent since it based out at $68.68 last week. However, as the US stock markets later reversed, Brent was not able to hold all that gain into the NYMEX settlement, but it still settled $0.95 higher, at $73.70. Today it has dropped back very close to the $73 handle earlier, but it is off that low now, currently trading around $73.33