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Brent lifts above $80 after taking out technical resistance

The rebound in oil prices covered here much earlier this morning has now extended further and the price of Brent crude for April delivery has lifted above $80 for the first time since February 1. The move higher comes as markets continue to price in more risk of supply disruption after the failure of Israel to sanction a ceasefire in Gaza. The high seen so far in Brent has been set at $80.39. It is off that high just now though and currently tracking back closer to the $80 handle. The move higher today also seems to have picked up pace once the price lifted above its 200 day moving average, at $79.57. The next level of resistance is in place at 81.06, should this upswing extend further today 

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