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Brent oil price trading near $72, finds support level
Published on January 28, 2010 by oilprices · No CommentsICE Brent crude oil futures hovered around $72 – $73 a barrel range in trading on Wednesday after data from the US American Petroleum Institute showed an unexpected drop in US crude oil inventories last week. Brent oil prices earlier this week fell to a more than one month low, reversing the New Year rally, but $72 a barrel looks set to remain a key support level in the short term, analysts said.
“We would expect support for Brent to hold at $72/$72.50 a barrel, with the maximum retracement at $71 a barrel on Brent,” said VTB Capital spokesman Andrey Kryuchenkov.
March Brent oil futures was trading down 2 cents at $73.27 a barrel at 1407 GMT, the March/April Brent spread was 58 cents. March Brent’s discount to March US crude was $1.47 per barrel, almost unchanged over the last week. Brent oil prices have some support at $72 a barrel, resistance at $75.18.