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Brent falls further to test $73

Much earlier this afternoon, I noted the reversal seen in Brent has it fell back from an earlier session high at $76.66, to test the $75 handle. Well, since then the price has crumbled and once it took out the previous interim low, at $73.60 it has not made any progress. In fact it has been the opposite and just now the price fell to test the $73 handle. The further falls have been exacerbated by a lowering of the 2024 Brent price forecast from the EIA this afternoon.So, I am again looking at the long term daily chart and wondering if this run will extend to test the lows seen back in May, when the price bottomed out then at $69.86. Well, that is still some way below even the current level, but given how easily this market can add, or detract $3-4 dollars in a session, It would seem foolish to rule it out. Brent for February delivery is currently trading at $73.08

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