Brent flat-lining at lower levels this morning

As noted here yesterday, the January contract for Brent crude futures will expire tomorrow and then the February contract will be quoted on the platform. As also noted due to the dynamics of the oil market futures, the February contract is priced lower for now. Well, oil prices took a hit later yesterday afternoon, following reports of a potential ceasefire deal in the Lebanon. That news sent January Brent crude sliding below $73, from a noted earlier session high, at $75.38. Brent later settled $2.16 lower on the NYMEX exchange, at $73.01. The low seen ahead of that was set at $72.85. Earlier this morning it fell back to $72.70, but since then it has rebounded and it has been trading largely sideways between that low and a high at $73.40. The next headline from the Middle East could decide, if the slide yesterday is reversed, or another fall plays out. It seems the like the oil markets are waiting for that right now and that might explain the price action seen so far today. Brent for January delivery is right now at $73.22