Brent slides back again

Yesterday the latest headlines emerging from the Middle East helped to push oil prices higher, as reported on here at the time. The caveat to those reported headlines was well advised though, because it seems that they were not true and that helped to push oil prices lower again. However, that was not until the price of Brent had risen to a new high on the week, at $76.54. The subsequent slide saw it crumble to a low at exactly $74, as the European markets drew to a close. Brent later settled $0.58 lower on the NYMEX exchange, at $74.38. The price is trying to base out this morning and that could be due to the proximity of the weekend and uncertainty over what that might deliver. Leaving that aside, the demand side of the equation remains as it has been for months now and that is not positive for prices. Your attention is also draw to the fact that the December contract will expire next week, on October 30. Brent is just now trading at $74.55