Brent crude extends break above $75

Since the last update here the price of Brent crude for November delivery has taken out all the previous interim highs, in place around $75.15. The move through this level has seen Brent list to around $75.72 a short while ago. That means it has come close to the next important level in terms of the rebound that began at the $68.68 low set on September 10. So, it we take the high seen on August  26, at $80.52 and plot the correction level off that $68.68 low, we arrive at approximately $76 as a 61.8% corrective level of that $11.84 drop. Perhaps we might see later on, if that is tested and if so, what happens thereafter. Brent for November delivery is currently trading at $75.60