Brent eventually gets a boost as stocks gain

Yesterday oil prices did eventually react to the further gains in the US stock markets and that helped to push the price of Brent crude for October delivery back above $80 and then through $81. Brent reached a high at $81.42, but came off that high, when it later settled $1.28 higher on the NYMEX exchange, at $81.04. It is probably fair to say that further concerns over the situation in the Middle East helped to push prices higher too. Overnight the price action has been characterised by a slow and modest drift lower, but generally it has been sideway, mostly in between $80.75 and $81.00. Brent for October delivery is currently trading at $80.77