Oil lower this morning and here is why- check out Brent

The European stock markets have just reopened and initially the DAX is paring its record opening gains and perhaps surprisingly, so is the FTSE 100.The reasons for the FTSE slipping in opening trade look like they might rest with the FX and oil dynamics. The GBP/USD above 1.2500 this morning is a headwind and so is the lower oil price. So, let me have a look at that right now. Brent for April delivery has fallen to fresh interim lows since this time yesterday. Brent was not impressed by the latest OPEC monthly report yesterday and it has not been helped by the latest, higher than forecast US inventory data. Brent for April delivery settled $1.82 lower on the NYMEX exchange last night at $75.18. Over and above all just mentioned, is it the growing optimism over a potential peace deal in Ukraine that has really dented the supply/demand dynamic and pushed all oil prices lower since yesterday. Brent for April delivery has traded to a low at $74.37 earlier today and it is not much above that low right now, currently trading at $74.48