Brent crude reverses earlier to rise above $83 as it takes out $81 per barrel

Well, I did say to expect some extensive oil price swings today and before I congratulate myself too much, that was hardly the most unlikely observation that I could have made earlier today. So, the last update here noted the price of January Brent lifting towards $83 per barrel. It actually topped out at $83.06. Since then, it has been falling back once more and just now it tested and fallen below the $81 handle following the release of the latest EIA inventory data. That did show a draw on stocks, but not by that much. Besides, Brent was already on the slide before the EIA data hit the screens. It is just now trading at $81.25 as the latest API is due for release any second now