US traders shunt Brent lower

Just as the US stock markets reopened there was an immediate push lower in oil prices and that saw the price of September Brent crude fall back further on the day. Brent has just tested $77.25 per barrel and that comes as the Dow Jones lifts, as we reported in the penultimate update. 

It is just edging off the lows now though, but so far today the news from the Middle East and Switzerland beforehand has been positive. Hence the oil markets have continued to unwind the gains that saw Brent surge above $100 earlier this year. Of course this can all change again, but the news from the Gulf regarding the passage of ships has seen a significant increase since last week and that is clearly a driver for lower oil prices. Brent is trading right now at $77.48