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Brent crude Oil rebounds as US stock markets reopen - here is why
Two headlines in the past 10 minutes have shifted the oil markets again. The first came from news if a major Libyan oil field being forced to close and that took Brent back above the $106 handle. The next more recent headline came out of Saudi Arabia, where they announced to some European refiners; that September loading of crude cargoes was going to be cancelled. That news sent Brent crude spiking above $107.75.
This news all emerged just as the US stock markets reopened and it sure has dented that opening. So, all the three major indexes are tracking lower in the first 5-10 minutes of live trading. It has also heloed the USD/JPY to rebound back above the 155 handle again. Brent has stepped back a bit just now though, currently trading at $107.55
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