Brent slides below $72 into the European opening

Oil prices are on the slide this morning. Yesterday prices fell back into the NYMEX settlement following a lack of further traction earlier in the day. Brent crude for November delivery failed to make any lasting progress above $75 and later settled $1.71 lower on the NYMEX, at $73.46. This morning it has taken a further hit, dropping to just below $72.00 so far. It seems the prospect of a peace deal in the Middle East, although far from being a reality has been enough to crunch the oil markets lower. Once again we should note that the November Brent contract is due to expire at the end of this week. Brent is right now trading at $71.88