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Brent rally runs out of steam today

Yesterday the price of Brent Crude oil for November delivery came very close to rising above $96 per barrel. That rise was covered here, when Brent rose to as high as $95.96. The subsequent sell off saw it drop back to as low as $94.16 around the time of the NYMEX daily settlement. Brent settled $0.09 lower, at $94.34.  The price has fallen even more so far today, dropping to a session low of $93.11 a little earlier this morning. It is on the rebound a bit now though. One thing to note here in respect of oil prices and the CAD. It is clear to see how the drop back in oil prices since this time yesterday has allowed the USD/CAD to rebound. Were it not for that, then it would seem unlikely that the US dollar rebound would have gained such traction as it did. Meantime, the rebound in Brent has seen it trade just now at $93.43
 

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