Brent finally catches a bid

Oil prices rose yesterday, but it was something of a latent reaction to the geopolitical news emanating out of Eastern Europe. Leaving that driver aside for one moment, the push higher in oil prices yesterday afternoon seems at odds with certain technical indicators that are apparently showing a glut of supply in the markets. That is to say there is technically more supply than there is demand. We will leave that on the table for the moment though, because yesterday Brent for January delivery lifted above $73 per barrel and later settled $2.26 higher on the NYMEX exchange, at $73.30. It has not yet backed-off much at all today either. The range seen so far has been covered by $73.15 to $73.53. The nearest technical level is in place now at $73.72 and that is the 50 day moving average, which is now actually rising. It seems this level is certainly on the radar this morning and it remains to be seen, if it will cap any further gains as the day unfolds. Brent is just now trading at $73.38