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Brent slips towards $85 as hopes of Mid East peace deal rise

There is a degree of mounting optimism out there now, that maybe an interim ceasefire deal of some kind might be achievable in the conflict in Gaza. That seems to have been the driving force behind another fall in oil prices today. Yesterday Brent for July delivery fell back and later settled, $0.87 lower on the NYMEX exchange, at $86.33. It has fallen close to $85 this morning. Naturally, that market optimism concerning the situation in Gaza can soon be dashed and that is always going to be a risk when prices drop back in anticipation of it happening. Brent for July delivery is currently trading at $85.08 

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