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Brent crude yet to reclaim $75 this morning
The price of Brent crude fell back sharply yesterday afternoon, following the release of storage data from the US EIA (Energy Information Agency). That data showed a very sizeable rise in crude inventories. That markets had expected a build of around 2.6 million barrels in the latest reporting week. Stocks actually rose by 8.66 million barrels. Well, as you might expect, Brent wasted no time in reacting to that data. The April delivery price fell to a session low around $74.57. Brent later settled $1.59 lower on the NYMEX exchange, at $74.61. It has rebounded modestly just now this morning, but yet to climb back above $75 per barrel. Brent for April delivery is currently trading at $74.88
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