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Brent holds $85 at the second time of asking

Yesterday oil prices spent most of the day tracking lower. The gains in the US stock markets seemed to offer little in the way of immediate support. So, Brent crude for May delivery fell back to $85.06 heading into the 4pm London FX fix. It did later rebound into the NYMEX settlement though and fixed there, just $0.17 lower at $85.78. The observation made here yesterday regarding the price topping out at the end of the channel remains as valid today as it did yesterday. Earlier this morning Brent tried the downside again, but that $85 handle held once more. The low seen was set at $85.11. It has rebounded again since and might have been assisted in that by further gains in the European stock markets this morning. Brent for May delivery is currently trading at $85.60 
 

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