Brent falls closer to $78 now

Oil prices are falling back again right now. The price of Brent crude for April delivery has just now hit session lows underneath $78.20. That means it has taken out the earlier session low this morning seen before a rebound back above $79.40 unfolded. There is little in the way of immediate fresh news to pin this move too, but given the downside price action and lower NYMEX settlement, it seems come players might be caught on the wrong side of the price action. As noted here earlier, it could also be the oil markets are now sniffing the potential for a ceasefire (if only limited) in Gaza and that is driving the show right now. The US comments on supply have of course added to that downside traction over the past few trading days too. April Brent is currently trading at $78.35