The cost of a barrel of Brent Crude oil fell to under $78 during the month of August. Prospects of global demand falling on the back of potential recessionary news from the US probably caused the dip.
The oil futures market gets spooked when other parts of the market go into a selling, bear market frenzy.
One might put it down to a case of the late summer collywobbles - but that is hardly a technical view.
