Brent crude pushes to 3 month highs this morning

Yesterday there was no settlement on the NYMEX exchange as that was closed for the US holiday. The last settlement price for September Brent crude oil was on Wednesday, at $87.34. The price of Brent crude is above that price level this morning, having lifted above $87.50 in late European trading yesterday. The range seen so far today has been covered by $87.03 to $87.63 and the high is now at its best levels falling back from above $89 back in April. Once again it seems the oil markets are garnering support from the gains in US and European stocks. So far today there seems to be little further evidence yet of any producers hedging, but that has been a characteristic of recent price action, each time the price has risen above $87. Brent is currently trading at $87.56