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Brent crude still on the slide this morning

Yesterday the slide in Oil prices was noted here a few times and that fall later led the price of August Brent crude to fall back sharply into the NYMEX settlement, where it later settled $2.75 lower on that exchange, at $78.36. Just a few moments ago the price action delivered fresh Asian session lows, as it dropped test $77.50. The market is clearly caught long here and that is leading to a significant unwind in prices and for sure that will not please OPEC. To add to that, it is noted that a cautionary note from Goldman Sachs today sees them concerned over their oil price outlook going forward. The devil in the detail concerning the latest OPEC+ output agreement is 100% behind this fallout. Brent for August delivery is right now trading at $77.61

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