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Brent crude building for a breakout

Yesterday afternoon oil prices fell back again. That saw the price of March Brent crude drop from just above $78.50, to just below $76.50 around the time of the wider European close. It did manage to edge higher into the NYMEX close, where it later settled $0.79 lower, at $76.88. The price has risen again today though and lifted back to test $77.50 ($77.49 the high) a little earlier this morning. The low prior to that was set at $76.66. The overall outlook has not materially changed from all that has been said here over the past couple of weeks. In terms of the more immediate price action, that has been characterised by a series of lower highs and higher lows. Hence, we have a short term triangle in formation and eventually that will lead to a breakout. As to which way that will be I cannot say right now. Brent for March delivery is currently trading at $77.18

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