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Brent backs off from in front of $77.50 again
Earlier today oil prices were on the rise. That saw the price of Brent crude for February delivery rise to around $77.45 right at the start of the Asian session. On Friday February Brent had settled little changed, at $76.55. It has now dropped back towards that just now and in fact, just tested $76.50. The failure to again get above $77.50 could be meaningful and clearly there is selling interest still up there each time the price gets close. It was the same on Thursday and Friday too. Brent for February delivery is currently trading at $76.68
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