Brent trades below $75

Well, do not be surprised to read here; that the price of Brent crude has fallen back further. A short while ago the price of Brent for October delivery fell below $75 per barrel. The slide in stocks and continued concerns over what might happen in the Middle East is continuing to eclipse any supply side shocks an escalation in the Middle East might deliver. Of course in the fullness of time that might change, but for now there is no driver yet to support a price squeeze. This is very much what was noted here last week and again earlier today. As far as how much further oil prices might fall; your guess is as good as mine, but it could easily succumb to more pressure, towards the next support area on the chart, which looks to be in place at around the $74 handle. Brent for October delivery is currently trading at $75.05