Brent continues to deliver volatile price action

The price action in Brent crude oil was certainly as volatile, as it was unpredictable yesterday. There were several price swings, as the oil markets got pushed from pillar to post on every oil related headline. There was plenty of those on offer yesterday too. The upshot is, that Brent crude rallied back above $79 once more, but stalled just above that level for the second time yesterday and then fell back to set fresh lows ahead of the wider US close. Ahead of that Brent had settled, $0.83 lower on the NYMEX exchange, at $77.20. It has held the $77 per barrel marker again so far today, but the topside has been limited to just above $77.50. The low seen so far today has been set at $77.01. Once again Brent and WTI are going to be subject to further output derived headlines today and we should expect more of the same in terms of rapid price action at times. Brent for February delivery is currently trading at $77.47