Brent crude eyeing the topside again today

Yesterday oil prices lifted into the European close and that saw the price of Brent crude for November delivery reach its highest levels of the week so far, when it reached $72.87. Brent later backed off a bit, but still settled $1.36 higher on the NYMEX exchange, at $71.87. Today it has lifted from an earlier session low at $72.17 to a high a short while ago, at $72.80. So, as you can see it has come close to reaching, or even surpassing the high seen late yesterday afternoon. However, not withstanding the prospect of further upside today, Brent still has some way to go in order to reach any significant technical levels, such as been the depth of the losses recently. The first of those remains north of $75 per barrel. Hence it is still correcting the recent heavy falls, but as too how far that correction will lead probably remains in the domain of that which surrounds the oil markets right now. Brent for November delivery is currently trading at $72.70