Brent rises back above $78

As noted here earlier this morning, the price of Brent crude oil for March delivery topped out yesterday at just above $78.50. Since that earlier update, the price has lifted back above $78 today. It has not yet threatened the high seen yesterday, with the high so far set at $78.30. So, if it does rise above $78.50 from here on, that would break the short term cycle of lower highs and as such might deliver an extension to the upside. However, it is yet to do that, but something to bear in mind for this afternoon, as the broader US markets now get underway. Brent for March delivery is currently trading at $78.24