Brent crude edges back above $72

On Friday the price of Brent crude for November delivery reached a rebound high at $73.24. However, it was not able to hold that gain into the final NYMEX settlement of the week. Brent later settled $0.36 lower on that exchange, at $71.61. It did rebound from there into the Asian opening earlier today, reaching a high at $72.29, but that was followed by a drop back to $71.52. The price action since then has seen it push higher and just now it reclaimed levels above $72. Overall the price action since the low seen at $68.68 on September 10 continues to look corrective and that correction may have run its course at 73.24 on Friday, given the relapse that followed from there. However, at the same time, that is not yet conclusive, but it needs to reclaim levels above $73 again, in order to reduce the chance the rally might have run out of steam. Brent for November delivery is currently trading at $72.07