Brent steadies above $76

Once again oil prices rejected a move higher yesterday and it was a continued push lower for both Brent and WTI, all the way into the NYMEX settlement. Brent settled $2.64 lower at $76.12, but prior to that it had fallen to a low on the session at $75.26. The price has steadied so far today, but has seemingly met with resistance around $76.50, having stalled around there a few times earlier this morning. Once again the oil markets are wary of a supply shock from the Middle East, but all the while that does not happen, the market keeps testing the downside it seems. There has been no fresh news since my last update in that regard, but perhaps there is a limit as to how far the oil market is prepared to push its luck with that possibility still hanging in the balance? The range seen for Brent so far today has been covered by $75.95 to $76.55. It is currently trading at $76.23