Brent slips towards $76

Oil prices are slipping again right now. The price of Brent crude for March delivery has fallen close to the $76 per barrel handle as I type this update. There is very little in the way of fresh news flow concerning the oil markets just now and I cannot honestly attribute anything to this move. What I can tell you is that now the 50 day moving average (currently at $79.64) has now fallen below the 200 day moving average (now at $79.81) and that might be providing a technical excuse for the push towards $76 per barrel. This drop may have also garnered some traction from a break below the 21 day moving average. That is in place right now at $77.36. Brent for March delivery is currently trading at $76.24