Brent crude continues to reject a fall below $58

As covered here yesterday morning the news from OPEC+ over the weekend delivered a fall to exactly $58.50 yesterday in the price of July Brent crude. However, it was already on the rebound when the European markets reopened and it built on that rebound as the day unfolded. That saw Brent first reclaim the $60 per barrel handle and push towards $61. However, it could not all of the gains when it later settled $1.06 lower on the NYMEX exchange, at $60.23. Nevertheless, the price action today has seen it push above $61 and reach a high not long ago, at $61.25. That all said, it remains to be seen, if it can hold this rebound from here. We shall have to see on that, but one thing is clear; that $58 April low has so far remained intact despite all the latest news from OPEC+ and the prospect of further supply coming onto the market. Brent for July delivery is currently trading at $61.13