Brent oil breaks above $85 as Friday's high gives way

<p>Energy is leading the way today as the market feels better about China and the overall risk picture. Brent crude oil is leading the charge today, up around 0.6% and above $85 for the first time in a week.</p><p>In the bigger picture. there is mounting evidence that OPEC+ is serious and delivering cuts in a big way. Some numbers show global oil inventories tightening by as much as 5 million barrels per day. That's been couple by falling US oil rig counts for weeks, even with oil around $80.</p><p>Refinery problems in the US could dampen demand for oil temporarily but after further tightening the product market. In addition, tropical storm Idalia is set to become a major hurricane, though it's tracking towards the eastern gulf.</p>

This article was written by Adam Button at www.forexlive.com.