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Stock losses and OPEC eclipse geopolitics as Brent falls below $80
Yesterday the early price action in the oil markets was all about the risks to a supply shock delivered by a potential widening of the conflict in the Middle East. That dynamic allowed the price of Brent crude to rise yesterday morning and reach a high at $81.80 for the October contract. However, as the afternoon evolved and US and European stocks fell, oil prices dropped back. The news from OPEC sticking to their plan to increase output next quarter did not help either and so oil prices fell back. The further slide in stocks pushed oil lower and it crumbled to a low at $79.43 right ahead of the NYMEX settlement. Brent for October delivery settled $1.32 lower on that exchange, at $79.52. It is trying to rebound this morning though and perhaps weekend concerns are behind that modest recovery so far today. The high seen has been set at $80.30. It is currently trading at $79.96
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