Brent slipping back underneath $73 this morning

Oil prices are just now falling back to session lows. On Friday Brent crude for February delivery peaked at around $73.85 per barrel. It then fell into the European close ands later settled just $0.06 higher on the NYMEX exchange, at $72.94. Earlier today the price topped out during the Asian session at $73.37 and since then it has been falling back. The low seen a short while ago was set at $72.87. There is no specific news to attract to the move, but once again it could be that producers are using rallies to hedge future production ahead of the New Year. That is when we do know that the US is likely to focus on more oil production, as that is the bent of of the president elect. So, if you look at a chart of the price action since the beginning of last week you will see that it has been characterised for the most part by a series of lower highs. Brent for February delivery is currently trading at $72.98