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Brent crude mostly sideways so far today after reclaiming $82

Well, the price action in the oil markets was as treacherous as it was exciting again yesterday. That saw the price of Brent crude for January delivery slide to $79.80, as reported upon here at the time. That was all about a string of comments concerning the OPEC meeting set for tomorrow. However, and once again, the price did not stay down there for long and later rebounded all the way back above $82. Brent later settled, $1.60 higher, at $81.47. Earlier today it had another look above $82, reaching a session high so far at $82.15. It has backed off now, but we should be braced for another 2-3% price range again today. Of course that is not guaranteed, but those are the kind of swings we keep getting every day at the moment. So far though this morning the price action has been pretty sideways by comparison. The low seen has been set at $81.51. Brent for January delivery is currently trading at $81.72
 

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