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Brent crude on the slide again

Yesterday oil prices rebounded once more and that saw the price of Brent crude for March delivery reclaim the $79 per barrel handle. However, it was not able to sustain the rise and once again fell back. Brent later settled unchanged on the NYMEX exchange, at $78.29. It is not often that happens these days. Today Brent has taken a lead from the falling stock markets and once again ignored any developments in the Red Sea. That arena has been relatively quiet so far today too and that has not helped the price to rise either. So, Brent for March delivery has now fallen underneath $77 and towards $76.50. The low seen so far has been set at $76.55. The fall this morning has also taken out any support from a prior interim low at $76.85. The next notable support level could be at $75.26 from the low set on January 8. Brent for March delivery is currently trading at $76.69

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