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Brent takes out $78 and slips closer to next support

In an earlier update here on oil prices, I noted the next technical level on Brent Crude oil and that was at $77.67. Well, Brent has now fallen below $78 per barrel for the first time since November 17. It remains to be seen if that next support level will be put to the test and if so whether or not it will hold. If it does not, then the reader is reminded of the next level below that, at $76.70. Brent is still suffering from the fallout of the OPEC agreement last week and the current price action is almost certainly rising some eyebrows within that organisation this morning. Brent for February delivery is currently trading at $77.83

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