Brent crude drops back from session high at $72.28 as OPEC report looms

Yesterday as noted here at the time, Oil prices dived following and earlier spike moments before, that was reversed even more sharply. Well, the price of Brent crude came very close to taking out the lows seen on Friday, at $70.61. The low seen yesterday afternoon was set at $70.65. Having held that previous low, the price of November Brent then rose into the NYMEX settlement, where it later closed on that exchange $0.78 higher, at $71.84. The price action so far today has seen it drop back once more, from a high seen earlier, at $72.28. The low since then has been set at $71.65 and it remains to be seen just what the OPEC monthly report will deliver later today. Brent for November delivery is currently trading at $71.69