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No bad news is bad news for overweight long oil markets as Brent falls below $83.75

Since my last update, the DAX has done what it seems to do almost every day these days and that is reverse an opening move (in either direction) that leaves a gap open from where the index closed. It has done that just now this morning too and filled the close at 15,135 and then backed off, but that is not the subject of this update, more just an observation for you that has been noted many times before. So, let me talk about the oil price, as Brent for January delivery now falls below $83.75. It is once again the lack of escalation in the Middle East that continues to weigh on a speculative oil market hitherto geared up for such a possibility. The market is long on the black stuff expecting a massive price spike and so far they have been disappointed. Now of course that is not to rule such a thing out, but at the same time I truly hope it does not happen and not for any reason connected to the oil price. Actually, the same tenet applies to gold too. So, Brent is under further pressure this morning and the reader here is reminded of what was said about that in earlier updates, both yesterday and again earlier today. Brent for January delivery is currently trading at $83.75
 

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