Brent crude steady as supply side issues continue to dictate price action

The sharp rebound in oil prices yesterday afternoon saw the price of Brent crude recover an earlier drop to a low at $75.76. That move was covered here at the time and the rally that ensued saw it later extend further, once it had surpassed its recent highs ahead of the $77.50. That eventually led the price above $79 and closer to the next reported level at $79.91. That was the price point of the 200 day moving average and it has remained unchanged today. The high seen yesterday was set at $79.51 and it backed off from there, but still settled $1.40 higher on the NYMEX exchange, at $77.95. It has held a pretty tight range so far today, with  $77.92 to $78.31 covering it. Once again this will be a headline driven market, as traders wait to see if further supply disruption is likely due to the fighting around the Red Sea and Suez canal areas. Brent for February delivery is currently trading at $77.97