Brent backs off slightly after charing above $81

Earlier today Oil prices were already on the rise when they received a further boost from the news that Eastern Libyan had shut down production due to a geopolitical response the events unfolding in the western side of the divided country. So, oil prices surged on this news, Brent charged to a high at $81.40 after belting through $80 like it was not even there. It has backed down a little now, but this supply side restrictive news has come on top of all else that is worrying the oil markets in the region too. That coupled with the expiry of the October contract on Thursday has helped to completely shift the oil Brent pricing dynamics. It is just now trading at $81.13