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Oil gets a welcome helping hand from stocks-check out Brent this morning
Yesterday Oil prices were pretty volatile again and pushed from one pillar to the next by the swings in stocks. The drop back after the US CPI data did see the price of Brent crude fall from close to $71 per barrel, back to test $69 per barrel. However, as the US stock markets later lifted sharply into the close, Brent rose with them and that saw the price settle, $1.42 higher on the NYMEX exchange, at $70.61. The further gains in the stock markets across Asia and sharply higher opening prospect for the European markets this morning has led Brent to push above $71.50 this morning. The high seen was set at $71.70 and it is off that high just now. The question right now; is have we now seen a base for Brent at around $68.70? Well, that could be the case, but it looks like it will need the global stock markets to continue to rally from here on in order to cement such an outlook. Brent for November delivery is currently trading at $71.60
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