Brent crude holds $84 at the second attempt

Earlier this morning an update here noted how the price of September Brent crude oil was tracking lower and towards a previous interim low, at exactly $84 per barrel. Well, since that update Brent did come very close to testing that price point. The low seen was set at $84.05, but it has so far rejected a second attempt to bust below that level. The price has now rebounded to just above $84.30. So, clearly there are still buyers in place at around $84 again, but it is not clear; whether that is fresh demand, or just shorts covering their positions. Despite rebounding modestly, it is not yet conclusive in terms of whether or not that $84 level will define the low for the rest of the day. Perhaps the more it rejects that level it might become clearer, but also the more it does so and later takes it out, the deeper any extension might be. Brent crude for September delivery is currently trading at $84.25