April Brent Crude set to have a look at $80 today?

The most recent pricing dynamic for the oil markets is still playing out since it was first reported on here a couple of days ago. That was the comment from the US Whitehouse official, Hochstein regarding the significant output increase from the US and other producers. That comment has continued to weigh on oil markets and eclipse any supply issues and helped to drive the price of both WTI and Brent lower. The March contract expired on Tuesday and has since given way to the April contract and that settled $1.95 lower on the NYMEX exchange yesterday evening, at $80.55. That further fall was helped by a surprise build in US oil inventories yesterday. So, earlier today the price of Brent for April delivery fell close to $80.25. It is off that low right now, but it might be unwise to rule out a test of the $80 per barrel handle at some point later today. We shall see on that of course. Brent crude is currently trading at $80.38