Brent edging ever closer to $80

An earlier update here on the oil markets noted the outlook for prices to remain high given the moves and the news last week. Well, subsequent to that update, the price of Brent crude has lifted almost to touch $80 per barrel and it has not been near those kind of levels for quite a while now. At the time of the previous update it was just setting session highs then, at $78.30. It has just this minute set a new session around $79.93. The news flow out of the Middle East shows little sign today of yet offering much in the way of anything positive and certainly little to provide much hope for the Oil market bears that remain in the game out there now. The price of Brent crude for December delivery is currently trading at $79.78