Crude oil has pulled back sharply from the highs seen earlier this week. This is despite Wednesday’s dovish Fed meeting which has held out the prospect of lower interest rates this year. Lower rates should boost economic activity and so be good for energy prices. But the oil market is used to strolling its own pathway, and that’s certainly what it’s doing now. Oil steadied a touch this morning, no doubt on concerns that both Ukraine and Russia are targeting each other’s energy infrastructure. But front-month WTI is still dangerously close to its former resistance level of $80 per barrel. It still feels as if crude wants to test this level as support. If it does, and if it holds, then that will boost the significance of $80 which could prove to be the launch pad for further gains this year.