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Brent crude pushing towards $76 again
As covered here in an update yesterday, oil prices fell back after the latest US inventory data showed a much bigger than expected build in crude stocks during the latest EIA reporting week. Prior to that Brent crude for December delivery has been on the rise and lifted to around $76.65. The EIA data pushed it back down towards $74.60. However, it did not stay down there for long and recovered gradually into the NYMEX settlement, where it later ended on that exchange, $1.08 lower, at $74.96. Today the price has been on the rebound again though and it is pressing towards that $76 handle again. The major news wires cite oil market nervousness over potential Israeli retaliation as the main reason- make of that what you will. The high seen so far today has been set at $75.93. Brent for December delivery is currently trading at $75.86
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