Brent slips back yet again

The yoyo price action across the oil markets have delivered yet another relapse in the price of Brent Crude. Brent for March delivery just now hit a session low at $77.63. That means it is off by just over $1 from its earlier session high this morning and very close to the earlier Asian session low at $77.56. The reason for the fall is not clear, but it could rest with the news; that Russian officials are in talks with their Iranian counterparts. That might have led the oil markets to conclude that the action by the Houthi rebels may yet meet with some attempts to be curtailed. Now, I know that is reaching a surmised conclusion, but at this stage there is little else around to pin down this latest relapse. Brent for March delivery is currently trading at $77.69