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Brent crude sets new 2023 high as it presses closer to $95

The trend higher in Oil prices could be set to continue again this week, as the world petroleum congress takes place this week. As to what, if anything might emerge from that gathering is far from clear. On Friday Brent did stumble a little. The fall came after it was noted here; that the November contract was in overbought territory in respect of its 14 Day RSI (Relative Strength index. That had touched 80 earlier in the session and Brent subsequently fell back to as low as $92.67 just ahead of the 4pm London FX fix. However, it did not stay down there for very long and the bounce that ensued saw it rise into the NYMEX settlement, where it later posted that $93.93, with a gain of $0.24 above the previous settlement price. Today it has lifted some more, from an earlier session low at $93.93, to as high as $94.73 so far. That is yet another new 2023 high for Brent, but the RSI is also back above 80 this morning too. It is just now trading at $94. 72

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