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Brent crude reversal slips below $82 this time

Since my last update here noting a rebound in the price of Brent Crude for January deliver, the price has fallen back yet again. The earlier rise to just above $83 per barrel has given way ti fresh downside since the European markets reopened and now it looks like it will fall below $82 as it looks to take out what was a clearly defined interim double bottom just above $82. As to how far that might extend is not known here, but the lack of traction in the oil price does rather belie the gains we have seen in the equity markets and in truth does not seem to make a great deal of sense. Brent crude for January delivery has now traded to below $82 as I end this update, curently at $81.89 
 

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