Brent crude backs away from Asian highs around $75.25

Yesterday morning Brent crude found a base at around $74.10 and the rebound that followed saw it push back towards $75 per barrel ahead of the European close. Brent for April delivery later settled $0.35 higher on the NYMEX exchange, at $74.78. The price action so far today has seen it lift to $75.25 earlier during the Asian session, but it has backed off now. To be honest there are no real pearls of wisdom to convey here on where it might be headed to next. The stock markets might have a say in that and naturally further downside in the US markets could stymie a more pronounced rebound in oil prices, but we shall have to see how that plays out. The reader is also reminded once again; the April contract will expire on Thursday. Brent for April delivery is currently trading at $74.76