Tech gains do not drive oil prices folks-check out Brent crude this morning

Yesterday the price of Brent crude eventually fell back below $86 per barrel. The low seen came just ahead of the NYMEX settlement, at around $85.58. Brent later settled $0.79 lower on that exchange, at $85.75. The recent observations here about the price action above $87 have proven correct so far, in that it seems producers are still taking advantage of those levels to hedge future production. That is because the recent rise in oil prices looks to be at odds with present and future demand. At the same time, more usually record gains in stock markets would tend to imply more demand, but we have to remember this time around it is a tech led revolution and not anything necessarily to do with oil based demand. So, Brent is slightly lower this morning. The range seen so far has been covered by $85.47 to $85.86. Perhaps another drop below $85 is on the cards now? We shall see, Brent is right now at $85.67