Brent manages a rebound from fresh interim low at $72.30

Earlier this morning the downward pressure on oil price delivered a move to a new interim low on Brent crude. The price fell to $72.30. However, it has been on the rebound since then and now it has lifted by more than $1 in recent trading. The rebound comes amid spurious conjecture; that perhaps another cut is to be forthcoming from Saudi Arabia. I would suggest there is no direct evidence for that other than to note a reported planned meeting between some Middle Eastern states in Geneva in the near future. So, whilst Brent has rebounded and it was cheap below $72.50 on a relative basis, it is not out of the woods yet. That said it is still on the rebound as I sign off here. I would also note that there will be no further QUICK NEWS updates from here on today, until just ahead of the Fed policy meeting this evening at 7pm GMT. Coverage will then extend in a limited way until after the closing press conference, which is due to start at 7.30pm GMT, Meantime, Brent for February delivery is currently trading at $73.36