Brent extends recovery towards $79

Yesterday morning an update here noted how the price action across the Oil markets had steadied, from the heavy falls seen over the prior couple of days. Well, eventually that led Brent crude for August delivery back above $78 per barrel, but not until after a steep fall below $77.25 had played out ahead of the wider European close. The subsequent rebound into the NYMEX exchange that followed later saw it settle $0.89 higher, at $78.41. The price action so far today has seen Brent edge a little higher ahead of the European opening. The high seen so far has been set at $78.84. That said, this rebound continues to look corrective to the steep falls below its 200 day moving average (now at 81.58). The next technical resistance level is in place at 79.80. Brent for August delivery is currently trading at $78.79