Brent lifts above $87 per barrel

Following on from an earlier update this morning, the price of Brent crude for September delivery has now risen above the $87 per barrel mark. The high seen so far has been set just above $87.20 and it is not far off that high just now. Brent crude has not been above $87 since April and so this is further extending a correction that has now taken out all of those levels on the way back up. The last of those in terms of the September contract was in place at $86.33. The high seen back in April was set at $89.32 and that could mean, Brent is on its way to reclaiming that. To be honest though, given the current economic backdrop that makes little sense. However, this further rise in oil prices today, if sustained will eventually feed through to higher inflation rates for all G7 countries. Look, OPEC will not care about that, but then again; when did they ever?  Brent for September delivery is currently trading at $87.20 and looks like it is now finally helping the FTSE 100 to outperform in relative terms