Brent reclaims $81 as the recovery continues

The oil market rebound continued on Friday, as the price of Brent crude for January delivery lifted back above $80. Brent later settled $3.19 higher on the NYMEX exchange, at $80.61. The threat of an OPEC cut (as noted here in an update) seemed to be the main driver for the gains. Following that report, further news has emerged, but as yet unconfirmed, that Saudi Arabia is reported to be likely to extend their current 1 million BPD output cut beyond spring next year. That would be additional to any planned OPEC cuts that might be introduced. So, Brent has extended its gains so far today. It has now risen above $81, reaching $81.42 earlier this morning. That has further extended the rebound above the current 200 day moving average for January Brent (now at $80.55) It is just off those earlier session highs right now though, currently trading at $81.30