Brent closed last night at $71.84 down 3.49 and WTi closed at $68.06 down 2.95. One week. It's not a long amount of time whatsoever. One week ago, England were gearing up for their biggest football match in 28 years, the Nation was poised and triumphant anticipation was in the air. Roll on a week and that turned out well didn't it? You can probably buy a stupid "It's coming home" T-shirt for a shilling and six pence which, coincidentally, is probably the same as a barrel of oil right now. It was also a week ago where many analysts were forecasting $120 per bbl oil in the not too distant future. I bet they didn't put their dignity on the line with a stupid mankini bet, did they? Only for the bravest of fools to make stupid bets it is. It is quite incredible though just how fickle this market can be. One minute everyone cannot possibly see a reason as to why Brent will go down. Then when it starts going down every numpty analyst says, "Oh yeah, well I saw this coming, Brent was overpriced". Annoying. I have always maintained my view, (much to the detriment of my own integrity over the last few months I might add), that Brent is, and was overpriced. There is plenty of oil to go around and now that the can of worms is slowly being prized open with regards to realising demand forecasts, I don't see a great deal of hope for Brent to stay above $65 through the summer if I'm honest. Keep your eyes on the Brent spreads. Good day.