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Brent crude for April delivery kicks off on the downside today

Yesterday the price of Brent crude for March delivery fell to a session low at $81.34 as the wider US markets reopened. However, that fall was soon recovered into the 4pm London FX Fix and afterwards too. That saw the price rise to a high at $83.30 ahead of the final NYMEX settlement for the March contract last night. Brent later settled $0.47 higher, at $82.87. So, the March contract has now expired and we trading the April contract today. That has fallen back so far this morning, reaching a session low at $82.09 not long ago. The reasons why the price fell back yesterday, before a rebound set in have not gone away and it remains to be seen if supply concerns will continue to eclipse what is clearly an increase in output, as defined by the US Whitehouse yesterday. Brent for April delivery is currently trading at $82.23

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