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Brent reclaims $84 after slide towards $83.25 yesterday
Following on from the previous update, noting the slide in Oil prices yesterday afternoon, catalyst for that seemed to stem from the much larger that expected build in US oil inventories. That pushed the price of Brent crude for July delivery down a high above $85.85. The low seen came just ahead of the Fed monetary policy decision and it was at just above $83.30. It did recover into the wider close, but not before it had settled $2.89 lower on the NYMEX exchange, at $83.44. Brent has risen a little more so far today and just now recovered the $84 handle, but it is still reeling from the slide seen yesterday. So, it is an uncertain outlook for today at best. At the same time, the oil markets will continue to keep a very close eye on any developments in the Middle East. Brent for July delivery is currently trading at $84.10
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