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Oil prices still reeling this morning-check out Brent crude
Yesterday, as the US stock markets tanked, oil prices handed back their earlier gains. That had seen Brent for May delivery rise to around $70.85. The slide that followed saw it slump to below $69.25 around the time of the 4pm London FX fix. Brent later settled $1.08 lower on the NYMEX exchange, at $69.28. The price fell further at the start of the Asian session today, falling to $68.63. It has bounced with the US stock futures since then though, but it has not threatened to get above $70 again since. The high seen so far today has been set at $69.60. Once again the price action for Oil prices is very much linked to what plays out in the equity space. The prospect of a lower demand dynamic is very much the driver for the losses seen already this week. Brent for May delivery is currently trading at $69.53
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