Brent gets a boost from perceived receding US recession outlook and Mid-East risk

As the US stock markets gained on Friday and US yields fell, Oil prices took off into the weekend. That saw the price of Brent for October delivery charge higher and push above $78 and then above $79 per barrel ahead of the NYMEX settlement. Brent later settled $1.80 high on that exchange, at $79.02. The prospects of Fed rate cuts alleviating any potential recession risks naturally helped oil prices to rebound significantly at the end of last week and pushed Brent higher on the week. Of course, it does rather remain to be seen, if the US will later avoid a recession, but Fed rate cuts to come will certainly help. The weekend news from the Middle East surrounding Israel and Hezbollah have supported the topside price action for Brent this morning and kept the price near its highs seen earlier today, at $79.67. Once again the reader is reminded the October contract will expire on Thursday this week. Brent is currently trading at $79.52