Brent drops back underneath $70 this morning

As reported on here last week, the price of Brent crude for May delivery tumbled to $68.33 per barrel on Wednesday. That low came to within striking distance of the low set last year, on September 10, when Brent dropped to $67.87. In the event though, that prior low was not put to the test and the rebound that followed saw Brent climb back to $71.40 on Friday afternoon. That rebound was of course led by a recovery in the US stock markets into the weekend. However, Brent was not able to hold all the gains and later settled on the NYMEX exchange, $0.90 higher, at $70.36. The price action so far today has seen it fall back and drop below $70 as recession fears start to impact the US demand outlook. The high seen earlier was set at $70.49. The low seen since then was set at $69.84. Brent for May delivery is currently trading at $70.04