Are We Free Yet? Crude Oil Rebound Above $71 Mark

Brent rose to $71 a barrel yesterday, recovering some of its losses from the previous session as a turbulent market searched for a price floor after a nearly 40 percent fall since June.

Oil has seen choppy trade since the Organisation of the Petroleum Exporting Countries (OPEC) said last week it would not lower output despite an oversupplied market.

Brent hit a five-year low below $68 a barrel on Monday after averaging around $110 a barrel for the last three years. "The market's volatility is a result of people working out what's going to happen next," said Jonathan Barratt, chief investment officer at Ayers Alliance Securities.

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