Brent falls back below $74

Yesterday the price of Brent crude for December delivery reached a low at $73.34 during the European morning. The rebound that followed saw it rise to around $74.85. Brent later settled $3.21 lower on the NYMEX exchange, at $74.25. That more than $3 relapse between settlements was of course due to the US oil markets being closed on Monday. Earlier today Brent lifted just above the high seen yesterday afternoon, when it reached $74.91. However, since then it has been turning lower again and it has reached a session low at far not long ago, at $73.80. It is off that low right now, but not convincingly so at this stage. There is minor trend line support in place on the short term chart at around $73.70, which is yet to be tested. Brent for December delivery is currently trading at $73.90