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Brent Slips Below $80 For First Time Since Feb

OIL

Brent slips below $80 for the first time since February, with next support at the 61.8% retracement of the Dec 13-Apr 12 bull cycle ($79.87) breached in quick order. $79.00 then gives way.

  • We then get a relief rally for oil as the USD softens in the wake of a disappointing U.S. ISM data, with Brent briefly regaining $79.50.
  • Prevailing technical conditions in Brent turn more bearish on the move, with moving average studies already deepening that theme.
  • There is now some distance until next support, which comes in at the Feb 5 low.
  • A reminder that many had already deemed the outcome of the weekend’s OPEC+ meeting outcome to be bearish and that was before the technical break was factored in.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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