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Brent goes against the grain with a look below $84 this morning
Brent crude for September delivery set a high yesterday afternoon, at $86.25. The price action that followed saw it fall back steeply into the NYMEX settlement and it later closed $0.72 lower on that exchange, at $84.23.
Earlier today during the Asian session a rebound saw it touch $85.50, but since then it has fallen back again. That might seem strange given a further escalation of strikes from both sides in the Middle East since then, but that is how it has played out so far. Brent has fallen below the $84 handle a short while ago.
Perhaps one explanation for this could come from reports of a significant drop-off in Chinese demand. That is probably just as well, considering the risks to overall supplies have risen over the past week. Brent for September delivery is right now at $84.26
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