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Brent back into mid range again

Yesterday oil prices came under further pressure after an update here noted the prior fall had taken the price of May Brent back closer to a cluster of technical support levels around the $80 mark. Well, in the event the price did not test any of those, as it based out at $81.08. The subsequent rebound that followed saw it lift back above $82.50 just after the 4pm London FX fix. Brent later settled, $0.13 higher, at $82.21. It has extended that rebound earlier today, when reaching $83.01. The low seen earlier before that was set at $82.28. It has dropped from just above $83, to around $82.40, but it is on the rise again just now. So, once again we have a broad outlined range covered by $80-85 and nothing seen so far this week (or before) has given rise to suggest that is at risk in either direction. On the basis that has not changed, it is probably wise not to get caught at extremes of any range seen again today. Brent for May delivery is right now trading at $82.87

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