Brent falls back below $80 in the absence of any supply shock news

Yesterday the price of Brent crude for October delivery fell back despite yet more gains for the global stock markets. The noted failure to rise above $81.50 did not help either. The threat of a Middle East supply side shock seemed to dissipate once again and that helped to push prices lower it seems, because given the gains in stocks, Brent could arguably have lifted. Well, it did not and the price continued to leak lower throughout the session and eventually Brent gave up on the $80 per barrel handle. It later settled $0.93 lower on the NYMEX exchange, at $79.76. The price action so far today has not yet delivered much in the way of a rebound above $80. It is currently trading at $79.95