Brent crude inside $79.50 and $80.50 for the time being

As covered in an update here yesterday, March Brent did fall below $80 per barrel and just below $79.50. A second attempt to push deeper below that level failed and the price then rebounded back above $80 and towards $80.25. The NYMEX exchange was not open yesterday due to the MLK holiday in the US, but had it been so , it would have delivered a lower settlement price. Brent for March delivery last settled on that exchange at $80.79. The price action this morning has seen Brent earlier fall towards $79.50 again, following the comments from Trump, but so far that level has remained intact and earlier the price rebounded back towards $80.50. However, since then it has been tracking lower again. So, looking at the immediate chart, we have $79.50 to $80.50 kind of covering it, with a potential price extension either side of that range. Brent for March delivery has just lifted a moment ago and it is right now trading at $79.89