November Brent tests trend line support at $75.45

An earlier update here noted how the fall in oil prices today had dented the FTSE 100. Well, adding more detail on that we now look at the price action specifically in Brent crude. Since the last update here on Brent the October contract expired last week and now we are trading the November contract on the platform. The Oil markets were not open in the US yesterday, but the last NYMEX settlement on the November contract was Friday, August 30. November Brent settled there, $1.89 lower at $76.93. It has fallen to a low so far today at $75.44 and in the process it has tested a short-term upward trending support line, in place around $75.45. That has held so far, but there is no guarantee it will continue to do so. This trend line stems from previous daily lows $74.62 (August 5) and then more recently on August 21, at $75.10. Brent for November delivery is currently trading at $75.65