Brent crude fails to technical hold break above $80 into the close

Yesterday the price of Brent crude for February delivery extended its noted rise above $80 per barrel. The move above its 200 day moving average (then at $79.94) looked like later delivering a close on the NYMEX above that level. Well, in the event it did not, as the price dropped back from a new interim high at $80.60 and later settled, just $0.47 higher, at $79.70. That 200 day moving average is still rising modestly and in place this morning at $79.99. The downside move extended earlier today and that saw the low print at exactly $79.00. However, it has rebounded again since and not long ago traded back above $79.80, but as you can see, it is yet to tackle that 200 day moving average again. The reasons that sent Brent above $80 in the first place have not gone away though, so any further downside potential might be limited, unless those stock markets really take another tumble. Brent is currently trading at $79.70