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December Brent edging higher from heavy losses seen yesterday
Yesterday following updates here, noting the drop below $88 in the price of December Brent oil, the fall extended further and that led it to below $86. In fact, the December Brent contract later settled $5.11 lower, at $85.81 on the NYMEX exchange. That was its biggest one-day decline for many months and certainly surprised a lot of operators. The price is a little higher today, but this slide from yesterday has for sure dented the outlook, at least for the time being if nothing else. That will probably not please Saudi and Russian oil officials either. The range seen so far today has been capped on the topside at $86.50. December Brent is just now trading at $86.25
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