Brent rebounds from the lows this morning

The price of Brent crude for December delivery rose above $76 per barrel yesterday. However, it topped out twice above that level, failing to extend gains after the OPEC+ cartel left its current policy on hold. What followed next was a very sharp slide into the 4pm London FX fix, as comments and rumours circulated about the prospect of a supply side war amongst members to try and gain market share, in what is a deteriorating demand outlook. That outlook has so far ignored the prospect of Chinese demand improving as a result of the recent rebound in stock markets there. So, Brent crumbled to a low at $73.60. It later settled just $0.34 higher on the NYMEX exchange, at $73.90. However, the price has recovered a bit more so far today, reaching a session high at $74.93 a short while ago. It is currently trading at $74.80