Brent rejects a move below $80

An update here yesterday noted how the price of Brent for September delivery was falling close to the $80 per barrel mark. It was also noted at the time; what an important level $80 was and how that might be a tough level to crack. Well, it got close yesterday, with the low set at $80.09. The rebound that has followed came as the Dow Jones lifted and the European stock markets recovered off their worst levels of the day. Brent lifted back above $81 and the 200 day moving average (now at 81.25) and then past $82 ahead of the European close. Brent later settled $0.66 high on the NYMEX exchange, at $82.37. It has not backed off much so far today after rising to a high at $82.71 during the Asian session. The reader is once again reminded that the September contract will expire on Tuesday next week. It is currently trading at $82.40