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Brent crude falling back this morning for all the reasons explained below
Yesterday Brent crude for May delivery did eventually push above $74 per barrel and it was helped higher by a larger than expected draw on US stock piles. However, that gain was not extended much above the level and it stalled at $74.17. The drop back from that high saw it slip to around $73.60 and it later settled on the NYMEX exchange, at $73.79, with a gain of $0.77 on the session. The price action so far today has seen it edge lower and it is just now threatening the lows seen yesterday afternoon. The reader is also once again reminded; the May contract will expire tomorrow and that might explain in part the price action this morning. The other headwind for oil prices today is all about stocks, risk and the prospect of lower demand down the road. Brent for May delivery is right now at $73.62
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