1 October 2024: 09:30 BST
Brent teased us for ages, flirting with the $70/bbl floor, touching the $70.00/bbl at times, finally breaking through at 10:11 BST, only just touching $69.99/bbl for a few seconds before bouncing up back towards $70.50/bbl again, but the market direction is clearly set. It feels like Brent is clinging by its fingertips to the desperate $70. The market is stubborn, he’s repeatedly teasing the six handle but is treating us mean to keep us keen. By 11:20 BST it seemed to have propped itself up on a creaking wooden crutch and held at just over $71/bbl. Expect more to come, but the road down the edge of the cliff is never a smooth ride. After the dip and bounce were all said and done, the price had fallen from just over $71.70/bbl to below $71.20/bbl, and despite all this flat price action, the curve barely moved, so things look to have settled back down.
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