December Brent crude takes out $89

Following on from an earlier update and noted extensions to the output from Russia and Saudi Arabia, the oil price has slipped further. The first reason for that is due to the wider OPEC community not making any changes to their planned production. That set the ball rolling for further downside, which has now seen the price of December Brent fall to below $89 per barrel. Perhaps the writing was on the wall earlier, when the oil markets failed to react positively to something that they knew was likely; the extended output cuts until the end of the year from Russia and Saudi Arabia. The low seen so far for December Brent has been set at $88.77. It is just rebounding a bit now, currently trading at $88.98