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Brent falling back further ahead of US data drop

Oil prices have fallen back again this afternoon. Earlier today the price of Brent Crude for February delivery did make a move above $80 per barrel once more. That move came following an update here, noting the price had failed to close above its 200 day moving average (now at 79.98) last night. Well, it did briefly manage to top that this morning, when reaching a high at $80.13. However, since then it has been a different story. The price has dropped back to a session low so far at $78.37, set a moment ago. The nearest technical support on the downside from here is the 21 day moving average (right now at $77.98). Brent for February delivery is currently trading at $78.43

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