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Brent makes modest progress so far today

On Friday the rebound in Oil prices was brought to an abrupt halt after all the US data releases led the market to conclude a potential slowdown in the US economy might dampen the demand outlook. So, Brent which had earlier traded to a high at $84.44, fell back to below $83. The low seen was set at $82.78 and it came after it had settled $0.71 lower on the NYMEX exchange, at $82.96. It has rebounded modestly so far today though, rising from an earlier low at $82.86. The reason for that looks focused on the conflict in Gaza and more immediate geopolitical risks across the Middle East. That said, Brent is yet to reclaim levels above $84. Brent for July delivery is currently trading at $83.62

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