Brent takes another hit lower as October contract expiry looms closer

Yesterday Oil prices continued to fall back from recent highs. That saw Brent drop back from a high just above $81.50 reached on early yesterday morning. The decline that followed saw it slide below   $80 per barrel just after the European close. Brent later settled $1.88 lower on the NYMEX exchange, at $79.55. That pretty much erased all the gains seen at the start of the week and it has just now taken another hit to the downside. Brent for October delivery has hit a session low this morning at $78.55. It is off that low now though. However, it seems the shutdown news from Libya seems to have run its course and that is perhaps well demonstrated by further production shutdown news this morning has failed to lift prices once more. The reader is also reminded; that the October contract will expire tomorrow and that might help explain the further falls this morning ahead of that expiry tomorrow. Brent for October delivery is currently trading at $78.98