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Brent on the rebound again, but resistance around $77.85 remains
Early yesterday during the Asian session the price of Brent crude rebounded to reach a high at $77.85. As the day unfolded the price fell back again and dropped below $76. The low seen was set around $75.65 and it later settled $0.18 higher on the NYMEX exchange, at $76.48. It has been on the rebound again today though and has lifted very close to that prior high. The high seen so far has been set at $77.80. So, it has not yet surpassed the high seen yesterday. Also worth noting in this respect is the fact that $77.88 is 23.6% of the whole drop, from $87.05, to $75.05 (official low but it did trade lower on some retail platforms). Brent for October delivery is currently trading at $77.60
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