Brent slips towards $79

Oil prices are facing further pressure right now. The falls are seeing Brent crude for January delivery now drop close to $79 per barrel. That contract will expire soon anyway and give way to the February contract and it could be that which is forcing the further downside moves we are seeing play out. The low seen so far has been set at $79.13. Right now there is not much in the way of price disparity between the January and the February contract and that is not always the case of course. The further fall this morning comes ahead of the planned OPEC meeting later in the week and therefore it is entirely possible that another rally will play out before that takes place. Perhaps, it is just a question of how far down will it go before that might take hold. January Brent is just now trading at $79.19