Skip to main content

Brent crude lower now as European stocks fall and US futures turn red

As covered here earlier in the week, the price of July Brent crude extended a break below its 200 day moving average (then at $82.02) and that delivered a fall to just above $81 per barrel on Wednesday. The recovery from that low has been driven in part by larger than expected draws in both the API and EIA inventory data. The contrasting outlook on Oil demand from the IEA and OPEC+ has seen OPEC seemingly win the day in terms of the immediate price impact. So, yesterday Brent extended its rebound gains from that low the day before. Brent rose to just above $83.75 yesterday afternoon, as the US stock markets set fresh records. It later settled $0.52 higher on the NYMEX exchange, at $83.27. Earlier today the price reached a high at $83.84, but it has backed off now. That has come as the European stock markets fall further right now this morning and the US equity futures turn red. Brent for July delivery is currently trading at $83.56

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!