Brent crude extends fall to below $60

Since the last update here, noting the further downside pressure on Oil prices, Brent crude for July delivery did not really find any support at the $60 handle. It has since fallen to a new interim low at $59.30. It is rising from that low now, but yet to ask the question of $60 in the opposite direction. So, just how low can Brent go from here? Well back on April 9, when the stock markets were hammering lower, July Brent hit exactly $58 per barrel. What is quite interesting right now; Brent is falling back towards that low today and look where the stock markets are in relative terms. That could mean something is out of line, or perhaps not. Either way, unless Saudi Arabia comes out and pours cold water on the reports noted earlier, covered by Reuters, then we might be looking at a new interim low at some point. Brent for July delivery is right now at $59.67