Brent reverses direction again as it now slides to fresh interim lows

Since rebounding back above $79 per barrel, the price of Brent crude has been falling back steadily over the past hour. That fall has now taken out the previous interim low at $77.52 and accelerated further to the downside. The price of February Brent has now fallen to $77.15 and the reader is therefore reminded of the next potential support level that was noted here again yesterday. That is at $76.70 and there is no suggestion that is a target for this fresh slide, but it could be and what is more, there is no guarantee and further falls will be capped by that level either. Brent has fallen along with WTI on fresh reports from China regarding a respiratory disease that appears to be causing even more alarm there. Brent for February delivery is right now trading at $77.23