Brent extends rebound after US inventories draw down

Earlier this afternoon the rebound in the price of September Brent seemed to stall around the $85 mark. Then we had some US inventory data that showed a slightly higher than forecast draw on stockpiles. Initially that data seemed to have little impact on the price, which was then trading at around $84.65. However, over the course of the past hour oil prices have rebounded some more and that seems to have garnered some traction from the gains unfolding right now across the US stock markets. The S+P 500 is nudging the 5,600 mark as the Nasdaq 100 continues to head into sunlight uplands, setting yet more records. Perhaps more importantly, the Dow Jones is higher this afternoon and that is more pertinent to the oil markets than the other indexes. So, Brent for September delivery is now pressing close to the $85.50 mark, as the European stock markets draw to a close