Brent crude back above $83 after sliding towards $82.50 on Friday

On Friday the price of Brent crude came unstuck after the 4pm London FX fix. It was already tracking lower ahead of that and it then crumbled below a series of minor support levels set earlier in the week, below $83.50. The fall through there ahead of the NYMEX settlement saw the price drop to a low at $82.56 ahead of that. Brent Crude for September delivery later settled, $2.48 lower, at $82.63. That slide took the price below both the 100 day moving average (now at $83.60) and the 50 day moving average ($83.21) and that breakdown perhaps explains the downside acceleration seen into the NYMEX settlement. It also worth noting; that the deteriorating geopolitical developments in the Mid East seemed to fade after supporting an earlier rise back above $85 per barrel. Overnight the price has rebounded, but yet to really get back above that 50 day moving average. The high seen so far has been set at $83.22. Brent for September delivery is currently trading at $83.12