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Brent edges back towards $83

The price action in Brent crude oil is right now skewed to the downside. Yesterday Brent for July delivery stalled at least 3 times ahead of $83.85. That was followed by another failure up there during the Asian session today. That came after Brent has settled $0.37 higher on the NYMEX exchange yesterday evening, at $83.33. So, as this update is being typed the price is drifting back below that level and towards $83 once more. The oil markets are braced for a potential ceasefire deal of some kind in Gaza. Naturally, there is room for disappointment there, but at the same time maybe the threat of that is already priced in down here? There are doubts about that here though and it is going to be tricky to judge any price reaction should such news actually emerge. That said, it seems once again that the prospect of such is having a negative impact on the price action this morning. Brent for July delivery is currently trading at $83.15

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