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Brent crude takes out $77 per barrel

Following an earlier update here this morning, noting the limited upside seen so far in the price of Brent crude, it has now fallen back and taken out the noted $77 level. That price point had successfully managed to cap the downside yesterday, but it has just now caved. The price has not extended too far below $77 and there is no guarantee that it will. I am also reminded to note the next interim support level that has remained in place at around $76.70. Clearly that is now much closer into view and it remains to be see if that will now be put to the test and what then happens if it is. Brent crude for February delivery is currently trading at $76.89

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