Brent crude rebounds to reclaim $80 and more

Since my last update here, noting the further falls in oil prices, I was somewhat surprised to see the price of January Brent crude falling back close to $79 per barrel. The low cited in that update was set at $79.13 and that was indeed the extent of the fall. I did also say clearly; that it was only a case of how far it might fall before another rebound would set in, because it made little sense to see it tumbling ahead of what is an expected output from OPEC later this week. Well, that rebound has now set in and the price has risen back above $80 once more. In fact, it has recently hit a fresh European high at $80.70 and now very close to the earlier Asian high, at $80.80. It could easily surpass that level, but it is uncertain as to whether  it will and whether it might then extend beyond that point. Brent for January delivery is currently trading at $80.60