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Brent rebound extends above $78

Earlier this morning an update here noted how the price of Brent crude was not making much headway after rising off its lows seen yesterday evening, when it fell to as low as $76.72. Well, it has now pushed its way back above $78, rising to $78.20 a short while ago. The move higher is clearly corrective, but at the same time it could be that levels around $77 represent value. That might be more so the case, if all the post October 7 longs have now been cleared out. The other thing to note here; is that the likes of Saudi Arabia and Russia will be keeping a close eye on these recent downside moves too. It would be wrong to rule out another output cut from them, especially as the most recent data would suggest that current demand would appear to the below current output levels. Brent crude for January delivery is currently trading at $78.08
 

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