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The Brent oil price is in free fall. It tried to rally a bit on an approaching US hurricane last night but gave up and fell to $46.19 as I write:
There was no news of interest but one of the drivers at this point is the passing of the US peak driving season and looming refinery maintenance season, from Globe and Mail:
Oil prices are expected to come under renewed pressure this fall as North American refiners shut down for overdue maintenance and thereby add to already swollen crude inventories across the continent.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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