Brent lifts above $79 again on Kremlin comments

A short while ago some comments from the Kremlin on the oil markets emerged on the newswires. Oil prices were already rebounding ahead of these comments and have extended the move higher subsequent to them. According to the Kremlin, Putin is to visit the UAE and Saudi Arabia to discuss the oil markets. The inference would seem to suggest that further output cuts might be forthcoming, as why else would Putin make such a trip? Of course that is inference and not fact, but it has been sufficient to push the price of Brent crude back to above $79 per barrel once more. The reader is reminded of the next big level beyond $79 and that is the 200 day moving average, at $80.10. Brent for February delivery is currently trading at $78.99