Brent slips towards $75.50 as earlier momentum wanes

Since an earlier update here noted the push close to $76.50 per barrel, the price of Brent for February delivery has fallen back. It has now dropped below the $76 handle and closer to the $75.50 marker. There is no specific news to attach to the relapse but the lack of momentum from earlier has certainly been in play. Some reports also circulating today suggest that supply is still not an issue and it is the supply side of the equation that seems to be in control of prices, rather than demand right now. The overhang of the voluntary OPEC output reduction is also a factor that keeps coming back into focus and so the earlier rise, cited on Middle East risks, has now seemingly given way to that. However, we know that just one headline can send prices moving sharply in either direction right now. So, beyond this drift lower unfolding just now, the oil markets are very much hostage to any significant fresh news when it breaks. Brent for February delivery is currently trading at $75.52