Brent edges towards $86 as it sets new 2024 highs

On Friday oil prices lifted from session lows seen around the time of the European stock market opening. Brent for May delivery fell back to $84.60, but it later recovered and settled only $0.08 lower on the NYMEX exchange, at $85.34. It has edged steadily higher so far today, no doubt buoyed by the gains in Chinese stocks and the better than expected data released earlier on. Brent has jus this minute risen to a session high so far at $85.85. That is its highest level of the year to date. It has also pushed the price closer to the top of a rising channel that has defined the price action since the middle of December. Last week I noted here; that the top end of that channel and rising trend line resistance was in place at around $87.50. That has not materially changed at the start of this week. Brent for May delivery is currently trading at $85.80