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Brent not making much progress so far today

Yesterday oil prices came under the hammer once more. That saw the price of Brent crude for February delivery fall to a low at $77.52, after rejecting an earlier rebound from a support level, to just touch $79. However, Brent later rose again and this time it spiked to above $79.50, but it could not hold that second rebound and slipped back into the daily settlement on the NYMEX exchange, where it later ended, $0.85 lower, at $78.03. So far today it has not made much progress and dropped back from an earlier Asian high at $78.40. Brent is just now flirting with session lows underneath $78 again. All the while the price remains camped below its 200 day moving average (now at $80.10) the downside risks will remain in place. Brent is currently trading at $77.99
 

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