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Brent under pressure so far today as it tests $81

The price action across the oil markets continues to be pulled in contrasting directions. On the one hand you have supply concerns from the crisis in the Middle East and on the other you have continued evidence showing slowing global demand. The last US inventory data yesterday afternoon eclipsed a prior rise to above $83 in Brent. That EIA inventory data endorsed the private inventory data seen the night before, with a much greater build in stocks than had been forecast. That news helped to push Brent all the way back down into the NYMEX settlement, where it closed that session, $1.17 lower, at $81.68. The GDP news from Japan and the UK this morning, coupled with a lack of fresh negative news from the Mid east today has helped to force the price even lower. It is simple really. The threat of a global slowdown is not good for demand outlook and those GDP prints have clearly dented that outlook this morning. Brent for April delivery is falling right now, as it tests the $81 per barrel mark 

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