ICE Brent oil climbs above $68, but trend seen lower

Brent crude oil futures climbed back above $68 a barrel on Thursday, buoyed by weekly data showing a sharp fall in US gasoline stocks, but analysts said the short-term direction appeared to be downwards.

Technical chartists said Brent faced heavy resistance before it reached $69 per barrel.  “The likely result of any buying is that it will be met by sellers, and we’ll continue to back this idea, and suggest a “sell strength” strategy in line with our renewed bearishness,”
said Clive Lambert at consultants FuturesTechs.

October Brent was up 82 cents at $68.48 per barrel by 0905 GMT after hitting a low of $67.30 and a high of $68.69.

Tags:  brent, crude, oil