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Brent crude extends drop below 200 day moving average

Yesterday the noted drop back underneath its 200 day moving average eventually led to a deeper loss for the Brent crude oil price. It later extended that fall into the NYMEX settlement. Brent for March delivery settled $2.39 lower, at $77.84, after reaching a low at $77.10. It has managed to rebound somewhat so far today, but it has not threatened anything above $78 yet. The 200 day moving average is in place this morning at $79.74. The range seen so far today has been covered by $77.11 to $77.74. It is currently trading at $77.47

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