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Brent crude under pressure this morning
On Friday oil prices continued to fall back and there was no significant rebound. The relapse that had played out on Thursday after the initial Iran news led spike to above $90 had not been sustained. Brent crude for June delivery later settled slightly higher than the day before though. Brent settled just $0.18 higher on the NYMEX exchange, at $87.29. However, the lack of any detrimental events in the Middle East over the weekend has sent prices lower this morning. Brent is now tailing off towards $86 per barrel. The market once again looks like it might be trapped on the topside and it really all depends on by how much that is, as to how far this downside move might extend. The low seen so far this morning has been set at $86.17. It is just now trading at $87.33
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