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Brent crude drifts back to session lows as stocks remain in the red
The price of Brent crude for October delivery did break above $77.85 yesterday and extended the move beyond $78.50. The high seen just ahead of the European close was set at $78.66, but then as the US stock markets turned lower, Brent dropped back. Nevertheless, it still later settled $1.85 higher on the NYMEX exchange, at $78.33. However, as the European stock markets remain in the red this morning and the US futures continue to point to a lower opening, the oil price has fallen back and that has now seen Brent drop below that $77.85 level again. It has just now set a session low at $77.43 as once more we see how the equity markets continue to drive the price action over and above any supply side concerns. The risk of a US slowdown dampening demand is a key issue in all of this too. Brent for October delivery is currently trading at $77.50
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