Brent rebound continues close to $74

The further gains in the price of WTI and Brent came a little unstuck yesterday afternoon and that saw the price of Brent for May delivery fall back from just above $73.50. The fall to test $72.50 came just after the 4pm London FX fix. However, it then rebounded again and rose into the NYMEX settlement. Brent later settled just $0.2 higher on that exchange, at $73.02. The price action so far today has seen it build on that rise and it has come close to the $74 handle this afternoon. The high seen has been set at $73.98 and that is above both its 50 and 100 day moving averages, but still shy of the more important 200 day moving average. That is in place right now at $74.55. This is a major level and it is expected to provide a good deal of resistance ahead of the contract expiry this coming Friday. Brent for May delivery is right now trading at $73.97