Brent crude meets sellers at $75.40

Following an update here yesterday the rebound in oil prices extended a little further and that saw Brent crude for January delivery push above $75 per barrel. It subsequently topped out at $75.40 and then fell back close to $74.25, before rebounding into the NYMEX settlement. Brent settled on that exchange, $1.98 higher at $75.08. The price action seen so far today has been mostly sideways inside what has so far been a pretty tight range, covered by $74.90 to $75.26. The rejection of any gains above $75.40 a couple of times yesterday now defines that as a resistance level again today. On the base it looks pretty open right now, but the upward trend since the low set on October 29 does look intact. Brent for January delivery is currently trading at $74.99