Brent rebounds from test of $86

An earlier update here noted the potential for the price of Brent crude for May delivery to fall back towards the $86 per barrel handle today. Well, since then that is exactly what it did, but granted it took quite a few hours to test that level. The low seen earlier was set at $86.02. However, it has rebounded off that low now and it is currently approaching $86.75. The reader is reminded that the May contract will expire today and so from tomorrow the markets will be trading the June contract.