Brent crude steps back from close to $110 per barrel

Brent crude did not look back at all yesterday and it just kept lifting as the day unfolded. That later delivered a $6.42 higher settlement on the NYMEX exchange for November Brent, at $107.63. However, it was not finished there because the price rose even further ahead of the broader US market close and Brent topped the $109 handle heading into the Asian opening today. 

A series of negative headlines in terms of the supply outlook from the Middle East saw to that and Brent almost reached $110 per barrel. The high seen was set at $109.94, but it has since fallen back below $107. The reason seems to rest with two things. First, profit-taking after such a rapid rise in just there past 24 hours and second a refusal of the US to bow to Saudi requests to attack the Houthis in the Yemen and hence widen the conflict in the region. That said there is no reason yet to assume the move higher in oil prices has yet run its course. There will be more to add on this for sure. Brent is now falling further since we started this update, currently trading at $106.25