Brent continues to turn lower following Novak comments

Earlier this morning comments from the Russian deputy PM, Novak stated that current oil market pricing remains well balanced and objectively reflecting the current situation and at a good level. Well, those remarks sent oil prices back down again and the price of January Brent crude has since dropped to $81.25, from an earlier high above $82.60. The news of a supposed ceasefire in Gaza from 10am tomorrow has helped the downside too it seems. Of course, we have to counter that price action with the prospect of OPEC restricting supply in the coming days and that should stop the price from falling out of bed. It is probably fair to say; that if it were not for OPEC waiting in the wings, then Brent would probably be below $80 again right now. It is currently trading at $81.49