Oil prices take a dim view of US outlook- check out Brent crude this morning

As noted here yesterday evening, oil prices tanked, from an earlier rise following the deeper draw on US stocks. That had seen Brent for October deliver rise to a high at $78.21. The fall that followed was initially due to the massive payroll adjustment and then extended after the dovish Fed meeting minutes. That saw Brent later crumble to a low at $75.65. It subsequently settled $1.15 lower on the NYMEX exchange, at $76.05. So, it seems the prospect of a US slow down is once again eclipsing any supply side concerns stemming from the situation in the Middle East. The noted call by a leading analyst (GS) for Brent to fall to $68 in 2025 is surely not helping either and just remember those guys tend to back their own calls too. The range seen so far today has been covered by $75.94 to $76.14, which is extremely tight on this one, so expect that not to hold as the day unfolds. Brent is currently trading at $76.06