Brent crude on the rebound again close to $75 this morning

Yesterday, as covered here in an update at the time, the price of Brent crude for November delivery rose back above $75 per barrel. However, the failure to again make any lasting progress above that level led to a sharp sell-off yesterday afternoon. Brent crumbled, shedding around $2 into the European close. The fall saw Brent fall to a low at $83.10 before later recovering some of that hefty fall into the NYMEX settlement. Nevertheless, Brent still settled $0.59 lower on that exchange, at $73.90. Today the price has pushed close to the $75 handle again though and seemingly buoyed by the RRR cut earlier today from the PBOC. What is clear for Oil prices going forward; is that Chinese demand needs to increase and this RRR cut has helped the demand outlook it seems. That said, Brent has yet to reclaim levels above $75 this morning, with the high seen so far at $74.98. It is also worth repeating; that the November contract will expire at the end of this week. Brent is just now trading at $74.87