Brent falls below $89

Since an earlier update here this morning oil prices have fallen back further. Now Brent for June delivery has dropped to below $89 for the first time since Monday. The repeated failure of the price to hold above $90 so far this week has come set against a geopolitical backdrop that suggests it probably should have. The was a point made here earlier this morning too. The fall back underneath $89 this afternoon comes ahead of some US EIA inventory data due out at 2.30pm GMT. The low seen so far has just been set around $88.76