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Brent takes out $75 per barrel in a hurry

Since my last update on Brent crude oil, the price has fallen back further and now traded below $75 per barrel. This further loss comes amid an absence of any fresh geopolitical news out of the Middle East. That has given rise to fresh downside and the price of Brent for March delivery has traded to its lowest level since December 14. The low seen so far has been set below $74.74, which means it has just met and surpassed a final, minor Fibonacci support level at $74.74. Brent is right now accelerating through that support and it seems fresh sellers have emerged after it was busted. Brent for March delivery has just fallen rapidly to $74.25. It is currently trading at $74.45

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