Brent crude continues to back away today

Since the last update here earlier this morning there has been no further traction for the Oil markets. In fact the price of Brent crude for December delivery not long ago hit a fresh session low at $78.26. It has bounced off that low now, just as the US stock markets reopen for live trading. The price action is still caught up in the midst of the diverging dynamics noted in that earlier update and to be honest with you, right now it would seem to hinge on the next headline as to which way it breaks from here. What is clear; is that producers and exporters appear not to have passed up on the opportunity to hedge future production at what was more than $10 better levels to be had than just  couple of weeks ago. If you were in their shoes, you would probably do the same, right? Brent for December delivery is currently trading at $78.66