Oil price falls back slightly

Brent crude oil begins today’s session around the US$111 per barrel mark as the threat from Tropical Storm Fay to oil production in the Gulf receded.

The market was also focused on US economic data in the form of home builder sentiment which posted a record low reinforcing the sense of economic gloom in the States.

The key technical level remains $109, with today’s range for Brent set to operate between $109.20-$114.90.