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Brent crude oil edges higher in Asian trade

On Friday oil prices did rebound and that saw Brent crude for February deliver a move above $76 per barrel. A fall back towards $75, as the European markets drew to close, was then reversed into the final NYMEX settlement of the week. Brent settled $1.79 higher on that exchange, at $75.84. It has made steady progress in Asian trading today, rising just above $76.40 a short while ago. The further gains are not yet conclusive though, but could be extended upon, as the situation in Gaza and the Middle East has taken risk concerns up another notch. At the same time though, from a technical perspective, this rebound is still corrective to the falls from above $84, to below $74 seen last week. Brent crude for February delivery is currently trading at $76.37

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