Brent rebound today is not yet convincing

On Friday afternoon oil prices crumbled again. The price of Brent crude for November delivery had prior to that pushed above $73.50, but by the time of the European stock market close it was falling below $71. The low seen was set at around $70.60. Brent later recovered some of that fall, to settle $1.63 lower on the NYMEX exchange, at $71.06. The price action so far today has seen it push a little higher, but it has stalled above $72 today. The high seen earlier was set at $72.17 and it has since fallen back to around $71.55. Of course none of this will please OPEC and at some stage we should see them attempt to do something about it. For now though, the demand outlook continues to outweigh any supply side concerns, as has been the case for the past couple of months. Brent for November delivery is currently trading at $71.75