Brent trying to build a base so far today

On Friday afternoon oil prices were on the rebound. Brent crude for April delivery was back above $76 per barrel, from an earlier session low at $75.64. That low was just ahead of its 200 day moving average, then at $75.62 and it looked like it had capped the downside once again. However, that US PMI data helped to push it markedly lower by the time of the NYMEX settlement. It was already falling back from a high at $76.22 when that data slammed into the US stock markets. That in turn had an instant impact on the US oil demand outlook. So Brent tumbled towards $74.00, after settling $2.05 lower on the NYMEX exchange, at $74.43. The low point seen on Friday was set at $74.21. The price action this morning has seen Brent push up from an earlier low at $74.20, but progress has been modest. The chart since last Friday looks like it is trying to bottom out so far today though. The high seen has been set at $74.62. The Oil market is still in Backwardation, as reported on here before and that means the May contract is priced lower than April and that is why the reader is reminded; the April contract will expire on Thursday this week. After that we will be trading the May contact on the platform. Brent for April delivery is right now at $74.49