Brent crude on the slide again as it drops towards $79.50

For the past couple of hours oil prices have been falling back. Perhaps the initial catalyst for that was the news that Libyan oil production is now back up and running and that would infer around 250k bpd more supply to the market. So, Brent has been leaking lower and just now it hit a session low at $79.56 and that is some way south of the highs seen yesterday, just shy of $81.50. Of course any detrimental news emerging from the Middle East ahead of the weekend might halt this downside run, but for the time being it is seemingly looking at supply side fundamentals and on this occasion ignoring the stock markets. October Brent is currently trading at $79.60