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Brent crude tracking lower again as $84 comes into view

Yesterday, it was noted here; that the price of Brent crude for January delivery was at risk of more downside, following a series of price failures above $87 per barrel. Well, it did not fall back for much of the day, but a rally back above $86 did not hold and stalled several times ahead of $86.50 and it later fell back after the NYMEX settlement. It has fallen further so far today, threatening a potential fall below $84. The reader is reminded of what was said here yesterday about the rising risks of a deeper fall towards the October 6 low, at $82.20. That risk does not appear to have gone away, judging by the price action so far this morning. However, the usual caveat; about the wider conflict potential across the Middle East has to remembered too. Brent is has fallen to around $84.15 so far this morning and it is not much above there right now 
 

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