Brent slides below $80

Much earlier today and update here highlighted the potential for Brent crude to fall below $80. Well, since then that is exactly what it has done, but not before it rebounded back close to $81 first. Brent for March delivery came tumbling lower at the same time as stocks jumped on the Trump trade tariff news. Well, if that does not exactly make sense, then it might be explained by the fact there has, and likely will not be, any dialling back on the outlook for the US to drill and frack at increased levels in the months ahead. It is almost certain that the new President will do all that is in his power to ensure that happens. So, Brent for March deliver has done as expected earlier and fallen back. The low seen earlier was set at $79.42. It is currently trading at $79.74