Brent flips downside move again as potential OPEC move draws closer

Owing to power outages here there was no prospect to update you earlier on what has taken place in the oil markets since the 4pm London FX fix. Prior to that time the price of Brent crude for January delivery was falling back sharply and did just dip below $81 once more. The low seen was set at $80.96. It was already on the rebound into the wider European close and that has been extended upon further following fresh reports concerning the likelihood of a production cut at the OPEC meeting tomorrow. So, Brent just recently settled $1.41 higher, at $82.88. Since then it has extended the rebound to back above $83 once more and taken out the earlier session high, at $83.06. The new high has recently been set at $83.18. However, the Janaury contract has now rolled over into the February contract and that is the one I will focusing on and tracking tomorrow