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Brent extends upside breakout
Yesterday afternoon the price of Brent crude for March delivery rose above its 200 day moving average (then at $79.65). That rise was noted in an update here, as the price was testing the $80 per barrel mark. Well, it did not look back from there at all and then charged higher into the NYMEX settlement, peaking at $81.45 ahead of that. Brent later settled $2.05 higher at $80.85. It has traded mostly sideways so far today, as it consolidates the gains posted yesterday. The 200 day moving average is now turning ever so slightly higher and in place this morning at $79.70. To be honest that does not look at risk right now, but of course fresh news can always change that. However, in the absence of such the price could extend further. The range seen so far today has been covered by $80.49 to $80.91. Brent for March delivery is currently trading at $80.85
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