Brent has another look at $75 this morning

The price of Brent crude lifted above $75 later yesterday after the European close. The high seen in the December contract was set at $75.45. So, from the bottom of the day ($69.91) that was a rise of around 8% on the day. Well, it could not hold all that gain into the NYMEX settlement and later ended that session $1.86 higher, at $73.56. The rebound that followed into the wider US market close saw it lift close to $75 once more. Today it has just now lifted to test that level again. The reasons behind the massive rebound in oil prices surely needs little explanation here. So, once again today the oil markets are hostage to what further unfolds in the Middle East. That could blow both ways right now and hence we could also see further sporadic and volatile price action, that is very much news/event driven. Brent for December delivery is currently trading at $74.75