Brent backs away form $80 again

Yesterday afternoon, the noted rise in Oil prices extended after the European close and that saw the price of December Brent reclaim the $79 per barrel handle. It later settled $2.82 higher on the NYMEX exchange, at $79.40. The high seen after the NYMEX settlement was set at $79.72. The price action so far today has seen Brent drop back from an earlier session high at $79.37, to a low a short while ago, at $78.10. It was noted here previously that potentially levels near $80 were providing opportunities for producers to hedge future production and since this time yesterday, it seems the push back towards that $80 mark seemed to have provided more of the same, notwithstanding any looming weekend supply uncertainty. Brent for December delivery is currently trading $78.12