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Brent crude falls further as $83 gives way

Since my last update on oil prices, Brent crude for March delivery did briefly reclaim the $84 per barrel handle, but since then the price has dropped back once more. Now Brent has fallen below $83 per barrel and close to $82.75 a short while ago. Perhaps the lack of US response to the attacks over the weekend is one element at play here and possibly the other is the fact this contract will soon expire. That might have caused some further paring of longs ahead of the expiry and helped to add a bit more downside pressure ahead of the US stock market opening shortly. Brent for March delivery is currently trading at $82.92

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