Brent edging towards $84 in early European trading

Oil prices are lower this morning. Yesterday Brent crude for September delivery failed to hold a modest rebound to around $85.25. It later settled $0.18 lower on the NYMEX exchange, at $84.85. News this morning that a potential ceasefire deal in Gaza seems to have been derailed again have not actually lifted the oil markets, but at the same time, it is such a well worn headline that perhaps that is not too much of a surprise. So, oil prices are dropping back a bit more and we look to the global demand outlook and lower revision to Chinese GDP in recent days to perhaps explain that. The price of Brent Crude is falling back towards the $84 handle again and the reader is once more reminded how the previous interim low was set at exactly that level. Hence, a break below $84 this time around might deliver some sort of extension lower. We shall see what happens, if the price hits that level this morning. The low seen so far has been set at $84.20. Brent for September delivery is currently trading at $84.30