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Brent finally runs into a seller at $85

As mentioned here earlier today, the move higher in Oil prices was at that stage not running into selling and that saw the price or Brent crude for July delivery touch $85 per barrel. Well, it has just now lurched lower and dropped back towards $84 right ahead of the release of the Richmond Fed index. The conclusion here; is that finally someone has offloaded the longs built up ahead of the contract expiry. The slide in stocks this afternoon no doubt helped to deliver that too. So, it now remains to been seen if this push lower will extend, or there are still buyers out there on dips. Right now it looks like the former and not the latte. July Brent is currently trading at $84.05 
 

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