Suppliers stall Brent rise above $87?

Yesterday the move above $87 per barrel in the price of Brent crude for September delivery. Following that update, the price rose a little more and reached a session high at $87.46. The fact that it had already taken out all the technical reversals in making that move was also covered here, as was the wisdom of it doing so in the first place. Well, later on Brent dropped back and fell below $86.20 just after settling on the NYMEX exchange, $0.36 lower, at $86.24. It seems possible that wholesale suppliers might have used the rise above $87 yesterday to hedge future production. However, Brent is on the rebound so far today though, but as things stand right now, it has not broken any fresh ground in either direction. The range seen so far today has been covered by $86.38 to $86.74. Brent is currently trading at $86.64