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Brent holds $74 and lifts towards $75
The slide in oil prices yesterday came despite the threat of yet more output cuts from Russia and Saudi Arabia. Nothing has yet emerged in that regard though, but the threat still hangs over the market. That said, it did not stop oil prices from sliding. Brent crude for February delivery busted below all its immediate technical support levels and came close to taking out the $74 per barrel marker. In the event that held. Brent later settled $2.90 lower on the NYMEX exchange, at $74.30. It has managed to rebound a little so far today, but has not yet reclaimed any levels above a noted technical point at $75.06. The high seen so far has just been set at $74.90 and it remains to be seen if crude can rally back more than it has so far this morning
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