Brent crude pushes higher to test $74.50

The rebound in Oil prices has continued again so far today. The gains in the US equity futures and higher European markets this morning have helped to propel the price of Brent crude for November delivery above $74 per barrel. Brent had settled just $0.05 lower on the NYMEX exchange last night, at $73.65. The high seen so far today has been set at just above $74.50. The prospect of a test of the $75 handle looks like right now, but of course that does depend on the stock markets it would seem, but at the same time the oil markets are continuing to watch very closely developments in the Middle East. Brent for November delivery is currently trading at $74.47