Brent crude falls below $79

Following on from an earlier update this morning the price of Brent crude has fallen back further and has now dropped below $79 per barrel. The fact that Brent crude for March delivery did settle on the NYMEX exchange at below its 200 day moving average again (now at $79.73), was clearly not a positive development from a technical perspective. It has also now busted below a minor trend line support level at around $79.15 and that could have helped to spark fresh selling. Brent has fallen close to $78.80 a short while ago. It is currently trading at $78.92