Brent crude edges higher after a closer look at $80

Yesterday oil prices continued to fall back and that saw the price of Brent crude for January delivery later post a lower daily settlement on the NYMEX exchange, by $1.29 at $81.18. Earlier today the price fell further, dropping to a session low so far at $80.36. It has lifted off that low now ahead of the European opening. One reason for the drop could rest with a growing suspicion, that a pause in Middle East hostilities might be agreed. That remains to be seen though. One thing to note here this morning, is the low set was just south of the current 200 day moving average, which is in place this morning at $80.56. Brent crude is currently trading at $80.85