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Brent falls below $83

Further to an earlier update, noting the price action and positioning in the oil markets, there has been no rebound for Brent today. In fact Brent for January delivery has recently fallen further and dropped to below $83 per barrel for the first time in nearly a month. Earlier today I repeated what I had said on Monday, regarding the prospect of that October 6 low, at $82.20 being still at risk. Well, judging by the price action since, you can see that is still the case. The low set a short while ago was at $82.82, but it  was trying to rise back above $83 a short while ago.However, so far that move has not extended and looks less than convincing. Brent for January delivery is currently trading at $82.92

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