Brent rebounds above technical level at $77.51

Since an earlier update here this morning questioned the wisdom of the oil markets continually pushing the price lower in the absence of any supply deterioration from the Middle East, the price has rebounded. Brent crude for March delivery has now lifted above $77.50 per barrel. The move has also now extended above the current 21 day moving average that is in place right now at $77.51. The high set a short while ago was at $77.71. It has just backed off from there now, but currently remains just above that 21 day moving average.