Brent rebounds from a fall below $76.50 but will it hold?

Yesterday an update here on the oil markets covered the price action in Brent, noting the March contract is due to expire later this week, on January 30. The price then was heading back towards $78 per barrel from an earlier high just shy of $79. Well, subsequent to that update, the price took another hit and that saw it fall sharply. Brent for March delivery fell to a low at $76.31 just ahead of the NYMEX settlement. It did rebound somewhat into that, later settling $1.42 lower, at $77.08. The price action so far today has seen it continue that recovery and push back above $77.75 a moment ago. As to whether this rebound will run into sellers again remains to be seen, but the reader is once again reminded; the April contract is lower and the trend of sellers on every rally has been a theme for past two weeks. Just take a look at a daily chart of Brent and you will see for yourself.