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Brent still unfazed by UK and US military action

The rise in oil prices on Friday was not sustained into the weekend and prior to that the prices were already reversing quite markedly. Brent crude for March delivery had already fallen back underneath its 200 day moving average, as noted in an update here at the time. Brent later settled $0.88 higher on the NYMEX exchange, at $78.29. However, that was some way below the earlier session high, at $80.75. Brent has risen today, from a further fall, at $77.56 set right at the start of the Asian session this morning. The rebound has taken it back to a high at $78.63, but overall the price action is still largely sideways for the time being. Brent for March delivery is currently trading at $78.40 
 

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